pay and jingle partnered to promote the adoption of bank payment as a payment method throughout Europe.
Payop has added Tink’s pay-by-bank offering to the e-commerce payment options it offers European merchants, the companies said in a Wednesday (March 27) news release emailed to PYMNTS.
During Payop’s testing of Tink’s pay-by-bank option from January to December 2023, the number of payments executed grew more than 2.5 times, according to the statement.
“Tink showed us the potential of an open banking technology, providing secure payments that can be made with three clicks,” said Payop CEO. Anastasia Semenkova he said in the statement.
“The European market is very competitive,” added Semenkova. “There are many payment options available in each country. But once consumers try paying by bank, we find that they don’t resort to other methods.”
Payop offers its payment solution with numerous payment methods to merchants ranging in size from small e-commerce stores to large enterprises, according to the statement. The global network of payment service providers spans more than 500 payment methods, 170 countries and 100 currencies.
Its new bank payment option provided by Tink allows consumers to make purchases online by initiating payments directly from their bank account to the seller’s account, providing a secure and low-cost experience, according to the statement.
“Payment by bank complements the current payments ecosystem” Ian MorinTink’s head of payments and platforms said in the statement. “It’s not just about creating another payment option at checkout, but about offering consumers a payment method that has everything they could want and expect: familiarity, speed, reliability and convenience.”
Tink was acquired by Visa in 2021, and Visa said the combination of its network and Tink’s open banking These capabilities would provide European consumers and businesses with simpler, more reliable and secure financial tools.
In another rollout of the technology, Tink said on March 20 that it had partnered with a Berlin-based payment processor. Micropayment to allow that company’s merchants based in Europe to offer payment by bank in box.
Through this partnership, micropayment merchants can offer this payment method in Germany, Austria and Switzerland.
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