Volt Bank signs PayPal deal to tackle customer inertia

Start-up Volt Bank hopes to tackle customer inertia in the banking sector by partnering with global payment giant PayPal to make the sign-up process easier.

Under the deal, which is PayPal’s first partnership with an Australian company, Volt Bank will be able to tap into PayPal’s 7.2 million active user base in Australia to sign up customers using their PayPal account.

This means PayPal customers will be able to use their existing personal data to skip a couple of steps when signing up to become a Volt Bank customer.

The deal also means when Volt Bank issues debit and credit cards to customers they will be automatically linked to PayPal, meaning customers don’t have to wait seven to 10 days until their physical cards arrive in their mailbox to use the cards.

Customers get frustrated

Volt Bank co-founder Luke Bunbury said this partnership would reduce paperwork and make it easier for banking entrants to sign up new customers.

“Customers often get frustrated by being asked to provide data too many times,” he said.

“It will simplify the onboarding experience for the customers so it’s effortless.”

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Source: Volt Bank signs PayPal deal to tackle customer inertia | afr.com