What is PayTo
PayTo is a modern digital payment solution offering a fast, easy and secure way to pay. It gives consumers more visibility and control over their payments and enables merchants to initiate real-time payments from the consumer’s bank accounts.
Benefits for Consumers
- gives consumers control before any payments go out;
- secure, and keeps consumer's data private;
- more visibility in their internet or mobile banking app;
- fast, all payments and authorisation actions are done in real-time; and
- easy to set up on the spot using a PayID or a Bank account number.
Benefits for Businesses
- reducing errors with real-time account validation;
- reducing manual handling with real-time funds verification;
- real-time funds receipt confirmation;
- easy reconciliation with the support of additional information; and
- maintain customer relations with agreement change notifications.
Use Cases
PayTo supports a range of use cases and encourages business innovation. In the future, we anticipate seeing new use cases brought to market by fintech and merchants alike.
- Consumers can use PayTo to make in-app and e-commerce payments
- Consumers can use PayTo to make in-store payments via a digital wallet
- Consumers can use PayTo for making regular subscriptions, utilities, and any other schedule-based payments
- Businesses can use PayTo for paying payroll, suppliers, drivers, and any other accounts payable transactions
Useful PayTo References
Updated 8 months ago