Aussie challenger Volt taps into PayPal’s customer base
PayPal and Volt, one of the Australian challenger banks, have partnered to allow customers to log in using their PayPal credentials.
For PayPal, Volt is the first Australian bank it partners with, following similar deals with Citi, Bank of America and Barclays in other countries.
Libby Roy, vice-president and managing director, PayPal Australia, says the company is looking into partnering with other Australian firms in the near future.
Volt has the first authorised deposit-taking institution licence in Australia.
“Just like PayPal disrupted the payments market, we carry a similar ambition to fundamentally change how banking is done,” says Steve Weston, CEO of Volt Bank. “Our partnership with PayPal delivers on that by creating a seamless user experience not seen before in Australia.
He adds: “Volt Bank isn’t constrained by legacy systems that have stifled innovation at incumbent banks and as we approach our customer launch, we will continue to show Australians there is a better way to manage their money and achieve their financial goals.”
The partnership with PayPal will potentially allow the bank to scale, as will the upcoming partnerships with other firms. Australia has nearly 7.2 million PayPal customers, who the bank surely hopes to partially convert to its own.
