British real-time payments firm Banked has acquired Australian payment technology firm Waave, as it seeks to expand its footprint in Australia.

In May, the UK-based FinTech entered a partnership with the National Australia Bank (NAB) to expand its presence in the Australian market and boost the adoption of account-to-account (A2A) payment services among Australian merchants.

Founded in 2022, Waave is an online payment app that specialises in Open Banking technology, including Pay to Bank solutions in the Australian market.

The move comes after the Double Bay-based start-up entered into a partnership with online pharmacy retailer Chemist Warehouse last December.

The new acquisition will see Banked collaborate with the online retail giant and continue to expand its Pay by Bank network in the region.

Following the announcement of the buyout, Chemist Warehouse confirmed “big plans” to activate a Pay by Bank solution, with the roll out expected in early 2025.

Banked said that the partnership with Chemist Warehouse and Waave to expand Pay by Bank solutions was considered “a critical factor” in the acquisition strategy.

“A leading merchant working directly with an exciting start-up shaping how consumers use Pay by Bank both online and at the point of sale was seen by Banked as a compelling partnership,” the company said.

Brad Goodall, chief executive of Banked, highlighted the strategic importance of the acquisition: “By acquiring Waave’s Pay by Bank solution and integrating its product’s strengths with our own best-in-class product, we’ll gain access to the great brands already benefiting from their innovative payment technology.”

Large retailers across the world have started to adopt Pay by Bank solutions to facilitate payments between merchants and customers.

Walmart recently announced a Pay by Bank solution in collaboration with global financial services tech firm Fiserv, with the new technology allowing customers to make real time payments through their bank accounts, with no need to use credit cards.

Visa has also developed Visa A2A, an account-to-account payment system set to roll out in the UK by early 2025.

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