Its War, PayPal: Oz ePayment Site Hits Town

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New ecomm payment site declaring war on Banks and PayPal
Australia’s new ecommerce mobile payments service, Braintree, announced its launch in Australia to take on Paypal and the banks today.

US based Braintree, an online and mobile payments company, recently raised $35 million in Series B funding recently, and is opening a physical sales office here in 2013, adding to its existing locations in Europe and North America.

The new service claims it is superior to Banks like Westpac and CBA offering as well as EBay-owned PayPal, allowing faster integration and provides tools for next gen ecommerce including mobile payments, the company said in a statement.

Australian start ups will be able to accept payments in foreign currencies. Its service is already used by well known names like Living Social, Rovio (makers of Angry Birds) and Airbnb.

E-commerce in Australia is exploding, and online and mobile payments are expected to double to $227 billion in 2013.

“Startups in Australia have faced challenges in getting their businesses off the ground because of antiquated payment software that can be difficult to integrate,” Braintree said.

Australian startups can get assistance with PCI security compliance directly from a payment service, something banks in Australia do not assist with.

Merchants can eliminate more than 95% of the PCI compliance burden since Braintree keeps credit card data out of the merchant’s IT environment.

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