Real-Time Account-to-Account Transfers via PayTo and PayID Keep Money Moving During Optus Outage

November 10, 2023

Wednesday's widespread Optus outage served as a reminder of the importance of having reliable and versatile payment options at our disposal, especially when traditional point-of-sale systems are rendered unusable.

Previously, cash would have been the fallback in an outage, but who carries cash these days? Only 13% of all transactions are made in cash as reported by RBA in the Payments System Board Annual Report – 2023.

On Wednesday, PayID was a fallback payment method some small businesses requested from their customers, as reported by news outlets across the country. However, PayID offers more than just a lifeline when connectivity is disrupted. Real-time account-to-account transfers, such as by PayTo and PayID, can offer valuable benefits that keep businesses running and money moving.

Uninterrupted Payments When Point of Sale Fails

Optus's outage left many individuals and businesses temporarily without essential services, including mobile connectivity. In scenarios like this, real-time account-to-account transfers could offer a reliable means of making payments when some communication channels are compromised. When making a purchase or paying for services, PayTo and PayID can be used through any mobile banking app on any available Wi-Fi or mobile connection, reducing the dependence on one sole provider.

Lower Transaction Costs

For businesses, real-time account transfers often come with the advantage of lower transaction costs compared to credit card payments. This cost-saving feature can be particularly beneficial for small enterprises thatare navigating disruptions caused by service outages.

Enhanced Security

During an outage, concerns about the security of consumers financial transactions may arise. Real-time account-to-account transfers provide a heightened level of security, with robust encryption andauthentication measures in place. This ensures that payments are protected, even when other communication channels are compromised. In times of uncertainty, this added security can bring peace of mind.

Accessibility and Versatility

Real-time transfers are accessible through various means,including mobile banking apps and online platforms. This accessibility is especially valuable when other services are temporarily unavailable. Whether you need to make payments to friends, family, or businesses, these methods are versatile and can be used in a wide range of scenarios.

Overcoming Cash Dependency

Real-time account transfers allow you to make payments directly from your bank account, reducing your dependence on cash even in challenging situations like network outages. Having a backup plan for your ability to transact is often essential.

Monoova, is a leading B2B payment service provider. Contact the expert payments team today and see how your business can benefit from Monoova's payment automation solution, an all-in-one API that gives access to all Australian payment rails.

Disclaimer

Monoova Payments Pty Ltd (ABN 38 126 015 227) trading as Monoova (“Monoova”) is the authorised representative of Monoova Global Payments Pty Ltd (ABN 77 106 249 852; AFSL No. 421414 ), the issuer of the Combined Financial Services Guide & Product Disclosure Statement Non-Cash Payment Products and Services dated 20 September 2023. (FSG/PDS). This information is given in summary form and does not purport to be complete. To the maximum extent permitted by law, Monoova does not assume responsibility for, the content, accuracy or completeness of the information presented. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent legal, financial and tax advice. To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties. To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties

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