Latest news with #Banked
Yahoo
30-04-2025
- Business
- Yahoo
Chemist Warehouse reveals major payment change to combat $15 million problem
Chemist Warehouse has introduced a new way for customers to pay while earning cashback and rewards. The pharmacy and retail giant said the move was an Australian first for in-store experiences and tackled the longstanding problem of card surcharging. Customers can already pay by QR code, rather than by card or tapping the terminal, at the checkout. This is known as Pay By Bank and allows customers to bypass fees charged by banks and card issuers, such as Visa and Mastercard. Now, Aussie customers will also be able to earn cash back and rewards. Through a partnership with Banked and ShopBack, customers can use a QR code to Pay by Bank via the ShopBack app. RELATED Chemist Warehouse, Sigma clear major hurdle in controversial $8.8 billion merger: 'Fair and reasonable' Woolworths worker with three jobs shares bank balance as average Aussie savings revealed Banks reveal impact after Aussies try to drain ATMs in cashless protest Chemist Warehouse founder Jack Gance said adding ShopBack was a 'natural evolution' of its plan to introduce Pay by Bank technology and reduce the cost of transactions for customers. 'We are a business built on providing great value for everyday Australians, and it is important that we have a competitive, low-cost payment system,' Gance said. 'The simplicity, security, and low cost of Pay by Bank, layered with ShopBack's Cashback rewards, meets our business objectives and gives our customers greater choice and value. 'We are proud to lead the retail industry with this innovative, all-in-one solution.' Banked CEO and co-founder Brad Goodall described the move as a 'leading global use case of payment and loyalty working together'. The discount pharmacy brand spends more than $15 million in payment fees each year, which it said it does not pass on to consumers. Credit and debit card transaction costs have come under the spotlight recently, with the government announcing plans to ban debit card surcharging from January 1, 2026. Analysis of Reserve Bank of Australia (RBA) data found card surcharges were costing Aussies $960.26 million every year. The new payment method is now available at every Chemist Warehouse payment terminal across Australia. Customers can scan the QR code on Chemist Warehouse's Quest payment terminals to Pay by Bank via the ShopBack app. By opting to use Pay by Bank, customers can avoid payment fees and make direct bank payments. Customers can connect Banked's Pay by Bank by selecting 'Securely Add Bank Account or PayID' within the ShopBack app. After enabling 'PayTo' in their banking app, all future payments through ShopBack Pay can be deducted from their chosen bank account. Chemist Warehouse is the first business in Australia to become QR codes and a rewards program. But many other businesses have already introduced QR code payments for customers and more are expected to follow suit. RMIT finance expert Dr My Nguyen said the aligned with global trends where QR code payments were becoming increasingly popular, such as in Southeast Asia and India. 'In Australia, several major retailers have already adopted QR code payment systems. Muji, Vodafone, MJ Bale and L'Occitane have integrated QR code payments through ePay,' Nguyen said. 'Additionally, Commonwealth Bank, National Australia Bank, Coles and Woolworths have partnered with Eftpos to support the rollout of a new eQR payment system. 'As more businesses recognise these benefits, we can expect wider adoption of QR code payments in the retail sector.'Sign in to access your portfolio
Sky News
14-04-2025
- Business
- Sky News
Reform UK treasurer Candy sweet on merger of payments firms
A payments company backed by Nick Candy, the Reform UK treasurer, will this week announce a tie-up with a London-based peer amid a rapidly shifting industry landscape. Sky News has learnt that VibePay, in which Candy Ventures is the largest shareholder, has agreed a deal to sell itself to Banked, a so-called 'pay by bank' platform. The all-share deal, which is expected to be announced on Tuesday, will see Mr Candy's investment vehicle holding a stake of roughly 25% in the combined group, according to insiders. One source said the deal would value the enlarged company at in excess of $100m. As part of the transaction, the VibePay founder, Luke Massie, and Candy Ventures director Steven Smith will join the board of Banked. VibePay specialises in 'conversational commerce', providing personalised offers and peer-to-peer payments to its users, connecting them to brands, sellers and banks. People close to the deal said that the takeover would help address a market opportunity by rewarding debit customers who have been overlooked by credit card operators, with debit card payments making up nearly 90% of all UK card payments but representing just a tiny fraction of payment rewards. Banked counts global financial giants including Bank of America, Citi, FIS and NAB among its strategic investors and partners. It has previously raised more than $60m in funding, while VibePay has raised over $10m from its backers. The deal is understood to be awaiting approval from the City regulator. In response to an enquiry from Sky News, Mr Candy said: "I've been a strong supporter of VibePay, and I'm excited about the future with Banked. "The global vision of the Banked founders is truly inspiring, and I see immense potential in the combined vision for the next generation of payments. "This is a positive moment for the UK technology sector, with two British companies coming together to drive forward a global ambition. "I'm proud to be a part of this journey and am eager to champion this story both in the UK and internationally." Mr Massie added: "We've spent years building technology that genuinely connects people - not just for transactions, but for experiences. "By joining forces with Banked, we now have the infrastructure, global reach, and merchant access to supercharge what we've built, and deliver real value to consumers at scale." Banked bought Waave, an Australian pay-by-bank provider, last October, strengthening its international presence, while it has a partnership with NAB - one of Australia's biggest lenders - to offer a service to Amazon customers in the country. "The real value in Pay by Bank goes beyond cheap and secure payments; it's in making spending work for everyone," said Brad Goodall, Banked's chief executive. "The combination of Banked and VibePay will drive Pay by Bank adoption through innovative consumer incentives - on par with credit cards - and empower merchants with deep data insights to drive acquisition and retention like never before.
