has expanded its partnership with the Open Banking platform Yapily.
This collaboration aims to introduce European commercial variable recurring payments (VRPs) for ecommerce via Open Banking on mobile payment platforms, in partnership with HungryPanda.
As the official press release shows, HungryPanda, an Asian food delivery platform, has launched a new payment method that provides an easier option for customers making mobile payments. This new launch includes both commercial VRP ‘One Click Payment’ and standard Open Banking payment ‘Pay by Bank’, powered by Antom, Ant International's global merchant payment processing solution.
This payment method will help users in the UK to place orders through their mobile devices and complete payments directly from their bank accounts. Moreover, this payment process is designed to improve user satisfaction and to provide merchants with reduced transaction costs.
According to the official announcement, Ant International's partnership with Yapily is designed to explore and implement Open Banking technologies on mobile payment platforms. This technology intends to enable consumers who bank with UK financial institutions to make payments to merchants across the world via Antom, directly from their bank accounts, with a secure payment experience.
In addition, this collaboration marks the first step of a wider roll-out of Open Banking technologies to more mobile services. Globally, Antom supports merchants in over 40 countries and provides them with a one-stop, vertical-specific digital payment solution. Open Banking also helps UK merchants to benefit from the Antom global digital payment solution using their preferred bank account.
Commenting on the announcement, Ant International stated that the UK and Europe are at the forefront of Open Banking. Therefore, the collaboration with Yapily is set to develop payment solutions that bring more value and convenience to European consumers and global merchants, including HungryPanda.
Sustaining this, Yapily said that through this partnership, the company will bring the benefits of Open Banking and commercial VRP to Europe. According to the officials, VRP technology is faster and more secure when making payments, giving an improved experience for both merchants and customers. This way, it can power a more open and productive economy that benefits businesses and consumers.
Yapily is a Europe-based Open Banking infrastructure platform that connects its customers to thousands of European banks, helping them to access financial data and initiate payments. Moreover, Yapily helps its customers to embed the power of Open Banking into their products and services, creating improved financial services for everyone.
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