Banked, NAB launch Pay by Bank payments on Amazon Australia

This allows customers to pay directly from their bank accounts.

Global Pay by Bank provider Banked has announced a new partnership with the National Australia Bank (NAB) to introduce the Pay by Bank (PayTo) payment option at checkout on Amazon's Australian store.

The new payment option allows customers to pay directly from their bank accounts, eliminating the need for card details. The system offers faster, secure transactions and gives users better control over payments through their online banking platform.

Additionally, the PayTo feature supports one-off and recurring payments in real time.

“Australia is an important market for us and we have worked closely with NAB to ensure Amazon’s PayTo sets a worldwide benchmark for account-to-account payments at scale.," said Brad Goodall, CEO of Banked.

“As more consumers become aware and familiarise themselves with the Pay by Bank experience through major brands like Amazon, we will see a snowball effect of uptake,” he added.