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.
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.
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