Waave, a in payments technology and open banking specialist, has announced the launch of Waave Wallet, the new home for its Pay by Bank product. In what's being touted as a first for Australian payment methods, the Pay by Bank product boasts top-tier biometric security access and serves as a real-time account-to-account payment option.

The introduction of this upgraded payment method is timely, given that millions of Australians have fallen victim to cyber breaches over the past year, the company shared in a statement. The security of passwords and stored payment details is an escalating concern for both consumers and merchants. Waave's initiative is focusing on mitigating these risks.

Waave's Pay by Bank was initially launched in early 2023, born from a growing frustration with outdated, card-dependent payment systems. According to estimates, businesses across Australia shell out nearly AU$3 billion in merchant fees annually. These costs are often passed onto consumers in the form of surcharges or heightened prices for goods and services.

Pay by Bank is a pioneering move towards Open Banking-powered, account-to-account payment methods in Australia. It is integrated with the New Payments Platform (NPP) to provide a cost-effective, instant payment experience free to consumers, eschewing the cumbersome and risky process of card payments.

Along with the already stringent Open Banking security protocols, new users can sign up for the Wallet via the web on their first use. Waave has incorporated a multi-factor authentication layer grounded on cutting-edge biometric technology for the web. This allows customers to use their device's fingerprint or Face ID for authentication before authorising payment from their bank account, substantially reducing fraud risk and transaction disputes while ensuring a seamless customer experience.

"Users of Pay by Bank can create their Waave Wallet, connect to their desired bank on first use, and register their biometrics. From then on, making a payment is as simple as scanning their face or fingerprint and authorising the payment – no need for entering names, passwords, or card numbers," said Ben Zyl, Waave's co-founder and CEO. Waave Wallet users will also be able to access the remodeled Insights tool, enabling them to monitor their expenses.

Waave's Wallet was launched in parallel with the company receiving the Canstar Innovation Excellence Award for 2024. It is one of only six businesses in the finance sector to earn this recognition for its innovative technology and value creation.

Zyl added, "Our mission with Pay by Bank is to eliminate card fees, substantially reduce the likelihood of payment fraud, and give consumers confidence in every transaction. Overall, Waave's goal is to become the vehicle for financial empowerment in the digital world."