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CBA buys stake in A2A payments platform Paypa Plane; x15 ventures invests in OwnHome

CBA buys stake in A2A payments platform Paypa Plane; x15 ventures invests in OwnHome

Commonwealth Bank of Australia is to acquire a 20% stake in local fintech Paypa Plane as it prepares for the roll-out of real-time A2A direct debit payments under the country's New Payments Platform (NPP).

PayTo is intended to provide a new, digital way for businesses to offer real-time direct debit payments to their customers, while also giving consumers more control and transparency.

The industry-wide initiative will allow businesses to be paid directly from a customer’s bank account without using the Mastercard or Visa debit card networks.

CBA will invest new capital in Paypa Plane in exchange for a 20% shareholding in the Brisbane-based company.

CBA’s group executive business banking Mike Vacy-Lyle said: “Our partnership will accelerate CBA’s delivery of PayTo for our business customers and over time, open up other new capabilities to revolutionise the payments experience for businesses and consumers."

Separately, CBA's x15 Ventures has acquired a minority stake in OwnHome, an Australian rent-to-own scheme for millennials. A graduate of the x15 accelerator programme, OwnHome is designed to appeal to aspiring homeowners who are facing soaring property prices in the face of stagnant wage growth.

With more than 3,500 applicants already on its waitlist, OwnHome plans to buy 200 homes for approved customers over the next two years.

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