Australian fintech Pin Payments is making it easier to create a marketplace

Scott Barbour/Getty

Australian payments company Pin Payments has launched a service for “programmed payments” to Australian bank accounts.

Aimed at merchants, the new Pin API allows for payments to be routed from the person paying to a specific bank account. So, if it was used in the creation of an online marketplace, the customer would be able to pay directly into the account of the vendor, through Pin, without the marketplace having to process the payment.

An API is a set of programming instructions that allows developers to build products that interact with other services. The Twitter API, for example, allows a developer to build an app that can read and write tweets.

The other use case Pin has identified is large organisations that need to collect and direct fees to sub-organisations.

“Netball Australia uses Payouts to automate online membership payment and disbursement across more than 2000 clubs nationally,” Pin says in the announcement.

Pin’s new service brings it in direct competition with the likes of Paypal and Square. Paypal, especially, specialises in processing payments for online marketplaces, charging 2.2%-2.9% per transaction.

Square, which has announced a push into Australia, and largely focuses on credit card processing, has also switched from a monthly fee to a 2.9% + 30c fee for online transactions.

Pin will charge 30 cents per transaction.

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