With more than 500,000 migrants arriving in Australia annually, most on student and working visas quickly find that housing becomes their largest expense while trying to integrate into a new culture. It’s why so many get slugged by exorbitant foreign exchange and admin fees when trying to navigate Australia’s banking system, and also why Rent.com.au (ASX: RNT) wants to take that stress off their plate by adding popular digital wallets to their RentPay app.
Through a strategic partnership expansion with digital payments company Novatti Group (ASX: NOV), the Rent.com.au now offers Alipay, WeChat Pay, and UnionPay alongside traditional payment methods, catering to the diverse needs of expatriate professionals, new migrants, and foreign students who form a substantial portion of the Australian rental market.
Greg Bader, CEO of Rent.com.au, expressed enthusiasm about the new payment choices, emphasising the importance of meeting evolving consumer preferences.
“RentPay is about providing choice and flexibility to renters while ensuring property managers gain efficiency and certainty of payments,” he said.
Bader highlighted the growing preference among international renters for familiar digital wallet platforms tied to their home banking systems, citing their immersive features and convenience in managing various aspects of daily life.
The integration of Alipay, WeChat Pay, and UnionPay into the RentPay app simplifies the payment process for users. Through the app, renters can select their preferred payment method, initiate secure transactions, and have funds deposited directly into their RentPay account. This seamless process not only enhances convenience for renters but also streamlines payment reconciliation for property managers.
Since its inception and launch in 2022, RentPay has been backed by Novatti which processes payments for the app and owns a minority stake.
Mark Healy, CEO of Novatti, emphasised the strategic significance of facilitating access to digital wallets for RentPay users, underscoring the positive impact on customer satisfaction and revenue growth.
“Renting is a significant segment with a huge volume of payments involved,” said Healy.
“We’ve already helped RentPay process well over $200 million in rental transactions and this integration is the latest development of our partnership. There is a clear need for these international payment choices across the student, expat and migrant populations through digital wallets they trust and are most convenient.”
The expanded collaboration comes at a time when Australian tenants are grappling with soaring rental expenses and shrinking vacancy rates. According to industry reports, rental costs have surged across major cities, placing additional financial strain on tenants. In response, consumers are seeking smarter ways to manage their finances, with a particular emphasis on essential expenses like rent.
The addition of Asian digital wallets to RentPay reflects a broader trend of increasing demand for innovation and control in payment solutions. A recent survey by CommBank highlighted consumer preferences for a wide range of payment options, with Generation Z consumers particularly valuing payment flexibility.
For international renters, the availability of Alipay, WeChat Pay, and UnionPay through RentPay represents a significant boon, allowing them to continue using trusted payment methods familiar from their home countries.
Looking ahead, Rent.com.au remains committed to offering cutting-edge payment solutions that prioritise user convenience and satisfaction. With the support of Novatti, RentPay aims to continue driving innovation in the rental payment landscape, empowering renters and property managers alike with flexible and efficient payment options.
For the Half Year ended 31 December 2023, Rent.com.au reported $1.6 million revenue which represented a 11.3% increase on the previous corresponding period.
Similarly, Novatti reported $21.4 million revenue for the same period, a 8% increase on the previous year. They also announced a similar partnership expansion last month with UniLodge to add Asian digital wallets for housing and tuition payments.
Mitch Korver is a Business Writer focused on high-growth companies listed on the ASX in the small and medium cap space.
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