Australia Post launches services hub
Australia Post is looking to draw a line under concerns that retailers are finding it increasingly hard to compete with the scale of global competitors, announcing a partnership with fintech company AlphaPaymentsCloud that promises to bring traders an integrated service platform.
Incorporating everything from payments and identification to logistics, loyalty and fraud protection, Australia Post is touting its new service, called the AlphaCommerceHub, as an API solution to the myriad of different vendor contracts many retailers currently have to negotiate.
Australia Post will instead bring on vendor partners into the system, allowing retailers to “switch” services off-and-on depending on their individual needs, while remaining PCI compliant.
Chief digital officer at Australia Post, Andrew Walduck, told Inside Retail that the publicly-owned postie was looking to up its capabilities in identity verification, to drive the next wave of growth in the payments space.
“We’re building capabilities in identity and payments as we see it as one of the critical things that will enable our economy to be able to thrive in the next wave of growth, driven by great customer experiences getting people things in the way they want,” he said.
The platform has been designed to incorporate innovation in services, and will include both traditional payment options in conjunction with banking partners as well as mobile payment products like Apple Pay.
Walduck said smaller retailers have been in a less advantageous position than larger players when it comes to sifting through an ever-growing number of retail services to maintain a leading customer proposition.
“The platform provides the ability for retailers to integrate into a single place, reducing overall costs…they can move to provide a one click purchase process in a way that makes it really easy for a customer to be identified, and then control how that product is delivered.
“It’s an absolute game changer in Australia’s fintech evolution so we’re incredibly excited about the potential this joint venture brings to both our banking partners and our customers,” Walduck said.
Australia Post began trailing its recently launched verification of identity application earlier this month with initial discussions taking place with credit unions, mortgage brokers and government departments.
Initial partners include Airtasker, Credit Union Australia, Travelex and the Queensland Police Service.
Its internal research has previously estimated that the existing state of identity verification processes costs the Australian economy as much as $11 billion per year.
This story first appeared on our sister site, Inside Retail Australia.