Chemist Warehouse Adopts Waave's Low-Cost Pay By Bank System
Australia's largest chain of chemists, Chemist Warehouse, spends over Au$15 million annually on payment fees which it will reduce using Pay By Bank. Next year it will introduce Waave's QR code driven payment system supported by NAB to allow customers to pay directly from their bank accounts without using credit or debit cards. The solution will cost no more than Australia's lowest cost of payment (eftpos from Australian Payments Plus at 30c per $100 spent) and about half the cost of using Visa or Mastercard debit cards. How Visa and Mastercard credit and debit card transaction costs are passed on to businesses and customers has become a significant political issue, with Labor MPs pushing for them to be abolished and the Reserve Bank launching a review of how they are regulated. Retailers Harris Farm Markets and Baby Bunting will also offer Waave payments. Waave was acquired this week by UK based Banked : . NAB and Banked are working together to offer Pay by Bank to NAB’s business customers.
