GetSwift has announced details of an agreement with the Commonwealth Bank that will see the company’s cloud-based logistics platform offered on CBA’s Android-based Albert point-of-sale terminals.
The bank’s chief executive officer, Ian Narev, said during a full year results briefing in August that CBA had distributed 40,000 Albert EFTPOS terminals to its merchant customers.
“Critically 60 per cent of those are new merchants to the Commonwealth Bank and the average transaction account and deposit balances we have with our clients with Albert is above the average for the remaining business banking clients,” the CEO said.
The ASX-listed GetSwift said today that the partnership means that purchases conducted using an Albert POS terminal can be dispatched using a merchant’s in-house delivery team or one of the logistics companies in GetSwift’s network.
GetSwift said drivers on its network will be equipped with Albert terminals, allowing customers to potentially pay for a delivery on arrival.
The company said in a statement released to the ASX that it “estimates the deal will result in over 257,400,000 deliveries on its platform over the next five years, with an estimated aggregate transaction value of $9 billion.”
“This is a game-changer for the Australian retail sector and the country’s leading bank is charting new territory here,” GetSwift executive chairperson, Bane Hunter, said in a statement.
“This integration will take delivery from being a fringe benefit to a norm for Australian retail, and will usher in a new era convenience for shoppers.”
“For vendors, it’s a cost effective way of tackling the threat from Amazon, Foodora, UberEats, Deliveroo and other global technology companies attempting to capture this space, and charge retailers a significant premium for the benefit of what is becoming an expected service.”
The Commonwealth Bank launched Albert in 2015. The bank also offers Emmy and Leo devices that work in conjunction with Android or iPhone handsets.