Following this announcement, BlinkPay aims to bring Open Banking in the region of New Zealand. Customers and clients based in the area will be given the possibility to benefit from more options when it comes to financial services, as well as lower fees, improved security, privacy, and overall financial management processes.
Moreover, the company is set to provide merchants and traders with quicker payments, lower transaction costs, and enhanced cash flow, as well as the possibility to meet the needs, preferences, and demands of their users and shoppers, in order to improve their overall experience.
In August 2023, the UK-based Open Banking Limited revealed that financial technology Open Banking surpassed 11,4 million payments in the month of July 2023.
The press release compared these analytics with the results published for June 2023 and it showed that Open Banking experienced a 9.3% rise in total payments. This showcased a growing trend in the system’s adoption in the region. Furthermore, the year-to-date (YTD) data for 2023 vs. 2022 was compared as well, revealing that Open Banking LTD observed a 102.4% growth in total payments and transactions. The development was seen as a testament to the importance of Open Banking and its role in supporting financial inclusion, customer empowerment, as well as innovation and growth.
Moreover, the number of active payments and users increased to 4,2 million. This represents an overall 10.5% rise, compared to June 2023, as well as a 68.2% increase from July 2022.
According to the information provided by Open Banking Limited, the main causes why Open Banking payments ranked by volume were to account for top-ups, ecommerce, as well as credit card bill payments.
The account top-ups offered users the possibility to make frequent use of the option to top up their e-money transactional or current account. In addition, they were enabled to top up their savings and investment products. For credit card bill payments, Open Banking simplified the procedure of settling the bills, which provided clients with a seamless manner to make transactions toward their credit card balances. Open Banking also had an impact on ecommerce, which allowed traders to benefit from cast savings on card transaction prices and fees, as well as from improved financial security and new vendor strategies.
Earlier in the same month, in an interview published by The Paypers, Nilixa Devlukia offered a thorough overview of the European Commission’s proposal on Open Finance, as well as ensuring a clear understanding of its implications.
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