Australia Post has announced the upcoming closure of its domestic operations for POLi Payments by the end of September. POLi has been a method for customers to make quick money transfers for purchasing goods and services, including depositing money into cryptocurrency exchanges. However, the service has faced criticism from banks and customers due to the requirement of sharing bank account login credentials.
Recently, the Commonwealth Bank of Australia (CBA) stated that it would no longer accept POLi vector payments starting from mid-July 2023, citing concerns over the security of POLi Payments. This decision, along with similar actions by other major banks, likely influenced Australia Post’s choice to close POLi operations in Australia.
While POLi will no longer exist in Australia, 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 introduce new services for the New Zealand market.
Australia Post confirmed that the decision to close POLi in Australia was made following a business review. They are working closely with Merco regarding the continuation of service and operations in New Zealand and expect to provide further updates soon. Australia Post will assist Australian customers in transitioning to alternative payment options.
