Millennials key to Paypal’s Volt Bank deal

Alex Druce
(Australian Associated Press)

 

PayPal is sizing up the banking habits of millennials and overseas students as it continues its tech partnership push, announcing a new deal with Australian digital start-up Volt Bank.

The deal, PayPal’s first Australian banking partnership, is being sold as an antidote to common account sign-up hassles, with the process using existing PayPal account data to skip a few steps.

Volt’s debit and credit cards will also automatically be linked to PayPal.

PayPal Australia’s head of product Prash Pandit said the deal was another step into tech and followed the comapny’s recent partnerships with the likes of Visa, MasterCard, Facebook, and GooglePay.

“From Volt’s perspective obviously they’re very interested in the millennial generation and the international student market,” he said.

“And when we were looking at partnerships, they started talking about their customer, we looked at our base, and they married up quite well.

“Historically, we were very much a walled garden, so it is a different approach from us.”

Volt is the first start-up to be licensed as a retail bank in Australia since 1981, and in May was granted a restricted licence by the Australian Prudential Regulation Authority, with hopes to get a full one by the end of the year.

Volt’s founder is Steve Weston, a former Barclays and NAB executive.

The new partnership follows similar PayPal deals with overseas players such as Citi, Bank of America, and Barclays.

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