by Gloria Mathias
Today
- Account to account payments
- Australia Airlines
- fintech australia
Australian airline Bonza has selected Australian B2B digital payments company PayTo supplierMonoova, to offer PayTo’s seamless payment option for consumers paying online for their flights or travel bookings.
The move follows Australia Post’s POLi Payments exit from the market on September 30, as PayTo continues to emerge as the account-to-account. payment solution for Australian businesses and consumers.
PayTo reduces the risk of fraud and chargebacks by requiring payment “agreements” to be authorized through the customer’s online bank before making a first payment. These agreements can be “one-time” or “recurring”, the latter allowing for both subscription billing and ad-hoc repeat purchases.
Payment solutions are well suited to support the travel industry due to the regularity of high value transactions. These cause large business taxes for airlines and travel agencies and surcharges for consumers. High-value transactions are also more likely to be charged if funded by cards.
Christian Westerlind Wigstrom, CEO of Monoova, said: “The travel industry embracing real-time debit is a pivotal moment in the evolution of payments in Australia. We fully expect other industries to follow suit. PayTo will quickly become the payment method preferred for a wide range of online transactions.”
“This transition will be driven by the need to provide speed and convenience for businesses. PayTo is also a game changer for security and the overall customer experience. It significantly decreases vulnerability to fraud and safeguards the financial well-being of consumers No sensitive credit card information is shared It offers businesses instant transaction tracking and financial transparency, leading to many operational efficiencies and improved customer relationships.
“It’s a win-win for consumers and businesses in every way. Very soon, we will struggle to remember life before PayTo,” added Wigstrom.
Tim Jordan, CEO and founder of Bonza, said: “We are excited to work with Moonova as Bonza continues to focus on technology to improve efficiency and, in turn, help make air fares more affordable for Australian travellers.”
In addition to PayTo, Monoova also offers Enhanced Direct Debit, BPAY, direct entry, NPP, automated reconciliation and cross-border payments.
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