Volt Bank becomes first Australian company to sign a deal with Paypal in a bid to tackle customer frustration

KEY TAKEAWAYS:

• Volt Bank becomes the first Australian company to sign a deal with global payment system, Paypal.
• The deal aims to make sign-up processes much shorter and easier as customers will be able to use existing personal data to skip steps when becoming a Volt Bank customer.
• Volt Bank co-founder, Luke Bunbury hopes the deal will help to build trust in the start-up company.

Volt Bank have signed a deal with global payment system, Paypal with the aim of making customer sign-up processes easier and less time consuming.

The start-up have become the first Australian company to partner with the banking giant, Paypal.

The deal will allow Volt Bank to access Paypal’s user data base in Australia which currently has 7.2 million active users.

This will allow new Volt Bank customers to sign-up using their Paypal account details which will shorten the filling out process.

Volt Bank will be able to issue debit and credit cards to new customers that will be linked to their Paypal account. Customers will no longer have to wait seven to ten days for their physical cards to arrive.

Volt Bank co-founder, Luke Bunbury says that customers often get frustrated when signing up to banks as they are asked to provide data too many times.

He hopes that this deal will help to create a simplified on-boarding system.

This is a significant partnership for Volt Bank, one which will help to build trust in the start-up company.

Volt Bank is hoping to open its doors to customers in the first quarter of 2019.

 

About Volt Corporation Limited

A confluence of factors makes now the right time to establish a digital bank in Australia. Consumer behaviour has changed from banking in branches to mobiles. In May 2018, APRA granted its first Restricted Authorised Deposit-Taking Institution (RADI) licence to volt bank limited. volt bank expects to achieve its full ADI licence by the end of 2018. volt bank will act more like a “technology company with a banking licence”, transforming the way banking is done. volt will focus on the customer with a holistic approach helping them solve their most difficult financial challenges.

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