If you use POLi to make payments on various websites, you’ll have to find an alternative from September 30.
Australia Post is closing the POLi Payments business in Australia.
“POLi has been in business for over 17 years and during this time has been a leading Account-to-Account payments solution, providing a fast and cost-efficient way for customers to pay and merchants to receive funds,” Australia Post said in a statement.
“As of September 30 2023, POLi will no longer operate in Australia. Until this time, we will continue to support you as we normally would. This decision aligns to our Post26 Strategy, which includes simplifying our products and service portfolio and ensuring our business is more financially sustainable.”
POLi was favoured by many as it often offered a fee-free option to purchase products and services, like airline tickets.
But it was never fully welcomed by banks, who raised concerns about banking login details being entered on websites outside of their network.
POLi’s New Zealand operations will continue.
While POLi says it will continue to operate until September 30, Commonwealth Bank recently pulled its support for the payment system, with customers no longer able to use POLi to pay from their accounts.