Australia Post has announced the closure of its domestic operations for POLi Payments, effective at the end of September. In a status notification to merchants, Australia Post expressed gratitude for their support while informing them of the decision.
POLi Payments has served as a platform for customers to make quick money transfers for purchasing goods and services. It has also been utilized for depositing funds with cryptocurrency exchanges. However, the service has faced criticism from banks and some customers due to its requirement of sharing bank account login credentials.
Several banks, including the Commonwealth Bank of Australia (CBA), have discouraged customers from using POLi Payments. Recently, CBA indicated that it would stop accepting POLi vector payments from mid-July 2023, citing concerns about security. The decision by CBA, along with other major banks, seems to have influenced Australia Post’s choice to close POLi’s Australian operations.
POLi will continue to operate in New Zealand under Merco
While POLi in Australia will cease to exist, it will continue operating in New Zealand under Merco, which has acquired “local ownership” and retained a development team to ensure uninterrupted service. Merco plans to assume full control of the system and intends to introduce new services for its New Zealand users following the ownership transition.
Australia Post stated that the decision to close POLi in Australia came after a thorough review of the business. The company is working closely with Merco, the New Zealand distributor of POLi, to ensure service continuity in New Zealand and expects to provide an update soon. Australia Post will also assist Australian customers in transitioning to alternative payment options.