Wpay launches independently from Woolworths

Woolworths created a payment processing platform over 14 years ago which it used internally. In a major surprise to many and a kick up the pants to banks, Woolworths has announced that it has launched a new financial services platform called Wpay. Wpay will be an independent payments provider that will be able to be taken up by other retailers and hospitality operators. This move by Woolworths puts them in direct competition with banks.
Wpay’s independence is intended to add value to the Woolworths bottom line by introducing new revenue sources within the business. Allowing others to use the produce is seen as a method of boosting growth within the business.
Woolworths has gone through a demerger of it’s hotels and drinks business which is called Endeavour Group. The Endeavour Group demerger is intended to bring value and encapsulates companies like BWS and Dan Murphy’s. As part of the demerger, the stores associated with The Endeavour Group will continue to utilise the Wpay as part of it’s operations.
The Wpay business is no small operation with the company being the 5th largest processor of payments via credit card in the country trailing only behind the big four banks. In fact, the company processed over $50 billion in payments with 1.3 billion transactions posted.
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