YowPay presents instant SEPA credit transfers for European merchants

Mobile payment and Open Banking innovate the transactions landscape

Massively deployed during the pandemic and steadily increasing, QR codes and mobile payment services have now been adopted by the majority of Europeans. Every day, smartphones settle USD 3.45 billion [EUR 3.15 billion] in payments worldwide, as per the press release. Now, these services have become part of people's daily lives and purchasing habits, and need to become simpler and safer, adapting to meet the ever-changing demands of users: greater flexibility, speed, and security.

Fast, secure, and direct payment

Yowpay works with a range of approved partners in each country, to meet the needs of European merchants and e-merchants, both online and in-store, thanks to its smartphone application and ecommerce website plugin. All transfers are made from the customer's bank interface to the recipient's account.

How to perform payment using YowPay

YowPay generates a single-use QR code from the YowPay mobile application, or directly via the plugin extension integrated on the merchants e-commerce platform. The buyer then scans the QR code from their usual mobile banking application and confirms their payment. YowPay facilitates bank reconciliation and informs the merchant of the movement of funds in real-time, confirming transactions and simplifying financial management.

YowPay enables merchants to book payments immediately to their business bank account, without the need for a payment terminal, while keeping transaction costs to a minimum.

For international payments, the solution ensures secure payment without blocking the account or transfer. This is made possible by the direct transfer between the customer's bank account and that of the merchant, reducing the risk of fraud. No personal information is collected, as transfers are peer-to-peer.

Benefits of using YowPay as an ecommerce solution:

• The additional payment method significantly reduces card system, transaction fees, complicated onboarding with banks and PSPs, and debit/credit card ceiling limits (recovery of bank card refusals);

• Eliminate the risk of chargebacks, as SEPA payments cannot be reversed;

• Instant money transfer;

• Free E-commerce ‘plugin’ or ‘extension’ for Prestashop and WooCommerce.

Reasons to use YowPay at the point of sale:

• Enables acceptance of alternative payment methods to physical credit cards, allowing the user to avoid charges proportional to the amounts paid by card, and passing limits;
• Instant money transfer.