Neobanking could be within reach of more than just the early adopting Australians when Volt launches next year.
Digital banking is in the news more than once this week, as Volt pops up with a little news announcement of its own, entering into a partnership with PayPal to make its neobank accounts work with PayPal logins.
Volt’s online banking service is one of the new forms of “digital banks” that has been popping up in the news of late, and while Volt isn’t yet launched to the public, the release of Volt is expected next year.
Customers and account holders new to Volt will likely have to open an account by filling out the digital equivalent of forms, but thanks to this week’s partnership, the account creation process is very, very different.
Presently, PayPal has millions of customers across Australia, and with this partnership, customers new to Volt will be able to use their PayPal login details in the Volt app, of all places.
Essentially, if you have a PayPal account, you potentially have a Volt account, opening the door for millions of customers using the Volt banking app platform simply by downloading an app and logging in with what they already know.
The collaboration doesn’t just extend to how you connect to Volt, but also how Volt connects to your money, linking with PayPal’s account services and using the banking service through PayPal.
“Just like PayPal disrupted the payments market, we carry a similar ambition to fundamentally change how banking is done. We are building a bank with customers at the centre, and our partnership with PayPal delivers on that by creating a seamless user experience not seen before in Australia,” said Volt bank CEO, Steve Weston.
“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,” he said.