Supermarket giant Woolworths is set to become a major competitor in Australia’s $700 billion payments industry after setting up its internal payments system as a new standalone company called WPay, which will offer its services to other merchants.
Woolworths CEO Brad Banducci and WPay general manager Paul Monnington : The supermarket operator is expanding into payments. “We believe there is value in extending the benefits of the investments we’ve made in our payments platform to other merchants who may not have the scale to build it themselves,” Mr Banducci said. “Payments are an increasingly important part of the shopping experience, both in store and online, and we bring unique expertise to this space as retailers.
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