CBA invests in Paypa Plane to encourage billers towards PayTo payments
Commonwealth Bank has placed a bet on the rising popularity of paying directly with bank accounts, investing in fintech Paypa Plane ahead of the mid-year switching-on of a new payment capability known as PayTo.
PayTo, an industry-wide initiative, will allow businesses to be paid directly from a customer’s bank account without using the Mastercard or Visa debit card networks, and will give customers more control over direct debits inside banking apps.
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