Paymentology has entered the Australian market as part of its broader international expansion, introducing its cloud-based issuer processing platform to support banks, fintechs and digital financial providers.

The company has established local processing infrastructure to connect with domestic payment systems, including the New Payments Platform, as well as global card schemes.

It is also working with Cuscal to enable access to EFTPOS and Bank@Post, the banking service operated by Australia Post, allowing users to access financial services through the postal network.

Australia’s payments landscape has shifted towards digital channels in recent years.

Cash now accounts for less than 13% of retail transactions, while mobile wallets make up around 45% of in-person payments.

The growth of embedded finance and digital banking has also contributed to increased competition and product development across the sector.

The expansion comes as fintech firms and digital banks seek to reach segments such as small and medium-sized enterprises and younger consumers.

In this environment, Paymentology’s platform supports the development and scaling of card programmes.

Minh Ha Truong, Head of Growth APAC at Paymentology, said:

“Australia is one of the most dynamic payments markets in the world, and a new generation of fintechs and embedded finance providers is redefining what customers expect from financial services. To succeed in that environment, they need infrastructure that will not limit growth or slow innovation.”

Paymentology is also partnering with Constantinople, a banking technology provider, to support the launch and management of card programmes.

The collaboration is intended to streamline operational processes and reduce reliance on legacy systems.

Featured image credit: Edited by Fintech News Australia, based on image by ilygraphic via Freepik