Azupay delivers an Australian-first for real-time payments with Warrp
Azupay has delivered the first example of an online marketplace using PayID exclusively to settle payments between buyer and seller.
Warrp, a newly launched Australian online consumer-to-consumer marketplace, chose Azupay to facilitate all payments on the platform.
Warrp Co-Founder and CEO, Matthew Ng, said the company wanted to give consumers confidence in its platform through a nationally recognised payment function.
For as long as online marketplaces have existed, the problem of how to safely and securely pay and accept payment for goods has been problematic. Examples of fraud and non-payment are commonplace and the option for a buyer and seller to meet in person and pay with cash has become increasingly inconvenient.
Azupay’s AzupayID solution allows Warrp buyers to quickly fund their purchase via the Warrp App. The seller then has immediate access to the funds once both parties agree to finalise the transaction.
This process is made possible because of the unique, transaction-specific PayID’s Azupay creates for each purchase and the real-time nature of the New Payments Platform (NPP).
Azupay’s Head of Sales, Chris Haylock said, “Nearly everyone has heard the stories of fraud taking place on online marketplaces, so I’m delighted to see an innovation like Warrp help make this process faster, safer and more secure. It makes perfect sense for Warrp to use Azupay because it works 24 hours day, 7 days a week and the funds settle in real time. It’s the closest thing to cash”.
Azupay provides the underlying payment technology to register and deregister PayID’s as each payment is required. This means each unique PayID can only be used to pay for a specific transaction, providing an added layer of security for both buyer and seller.
According to the NPP, Australia has 6.7 million registered PayIDs across more than 105 participating financial institutions and over 74 million reachable bank accounts, making it a widely accessible and trusted payment method for Warrp users.
On average, the NPP processes over 2.2 million transactions each day and currently holds a 27% share of all account-to-account transactions.