Tattarang has today announced a majority investment in Azupay – an Australian fintech using innovative technology that delivers instant and safe payments without the need for a credit card.
Azupay is the first and only consumer-to-business payments service to go live on the New Payments Platform (NPP*).
Currently being rolled out by the NSW Government’s Department of Customer Service, Azupay allows instant ‘cash-like’ payments from a user’s bank account via a single-use PayID that can be paid via QR code or manually within the security of a customer’s usual banking app.
Beside government entities, the company has plans to roll its technology out to the retail, travel, telco and utility sectors, where high transaction fees are borne by the merchants and customers.
Tattarang Chief Investment Officer, John Hartman, said Australia was accelerating towards digital payments and a cashless society, but as more people relied on their credit cards or other credit instruments to make payments, there was a very real risk it would negatively impact household debt.
“Credit card debt levels in Australia remain very high and then there is the additional financial burden of interest, annual fees and late payment fees,” Mr Hartman said.
“We see Azupay as an important innovation because it offers Australian consumers and businesses a viable, cheaper and debt-free payment alternative.”
Founder and CEO of Azupay, Jean-Marc Barthe, said the Azupay service was driven by a desire to make payments faster, fairer and better for everyone.
“We’re about empowering inclusive and ethical solutions through ground-breaking technology. We saw an incredible opportunity to harness the NPP’s world-leading capabilities and level the playing field by offering Australian consumers and merchants a home-grown and affordable alternative to the expensive international players currently dominating the market.
“The Azupay service is just the first step; our intention is to become a payments leader heralding responsible spending in both Australia and internationally. We’re delighted to have Tattarang’s backing – our values and ethical intentions are very closely aligned,” Mr Barthe said.