True innovators push through friction and bureaucratic hurdles.
RelayPay has won the Best Banking and Payments Innovation in the 2023 Finder Innovation Awards.
RelayPay won the award for its payments platform, which allows digital currency holders to use cryptocurrency to easily pay and BPAY bill or to make crypto to AUD bank transfers.
This helps eliminate the friction involved in going from crypto to AUD, which can take several steps and wind up costly due to fees.
With RelayPay users can use their crypto to shop online, pay bills or transfer to any bank in Australia, instantly.
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While this sort of product exists elsewhere, what makes RelayPay special, and helped it secure the gold medal, was that it is non-custodial.
This means that RelayPay never takes custody of user assets. This massively reduces counterparty risk and means users are in control of their funds at all times. This is highly unusual for a cryptocurrency payments product and sorely needed as the fallout of FTX continues to shadow the industry.
With RelayPay users are able to move crypto from their own blockchain wallet and straight into dollars in a bank account without needing to move assets onto a centralised platform like a crypto exchange.
It's been a tough period for the industry and it's commendable to see that the team has utilised the downtime to improve the offering – particularly focusing on key issues like user experience and security.
— Gemma Acton, Finder Innovations Awards judge
Another feather in the cap for RelayPay is it becoming an authorised representative of an Australian Financial Services License (AFSL) for Non-Cash Payments (AFS Representative No. 001305063).
This helps demonstrate RelayPay's commitment to enforcing strict regulatory standards and consumer protection.
RelayPay beat out industry heavyweights like HSBC and Backpocket to take home this year’s award.
RelayPay was also highly commended in the Digital Currencies and Web3 category, where it was runner-up to Coinbase.
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Now in its eighth year, the Finder Innovation Awards seeks to award the most disruptive products in finance, technology and consumer goods.
Winners are judged on their innovation, as well as impact – after all, it's no good building the next big thing if no one knows about it.
James Edwards is the global cryptocurrency editor at Finder. He coordinates a distributed team of journalists to help further Finder's mission of helping people make better financial decisions. His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad.
