Through its collaboration with Brite, Auctionet is looking to respond to evolving customer expectations surrounding payments and the growing popularity of mobile bidding, while concomitantly addressing its own need for increasingly efficient payment processes. A 2011-founded company in Sweden, Auctionet is a digital auction platform with over two million items sold through its digital marketplace. Over 65 local auction houses, primarily Swedish but with a growing number of auction houses throughout Europe, leverage Auctionet’s platform to reach global buyers bidding for art, furniture, design items, antiques, and collectables.
As per the information detailed in the press release, Brite Instant Payments enables instant A2A payment for Auctionet through Europe’s Open Banking infrastructure. In 2022, Brite introduced ‘Single Sign’, which enables users to pay directly from their bank account with a single authentication step. The mobile-friendly solution reportedly helps users pay up to 40% faster than when compared to standard A2A payment flows. Furthermore, Auctionet benefits from automatic payment reconciliation provided by Brite, which helps reduce manual back-office processes.
Over the past few years, online auction platforms have grown in popularity, with the transition to digital platforms during the pandemic being one driver, and the increasing spending power of millennials also being a major factor. Currently, primarily aged 30-40 millennials make up a growing proportion of auction buyers and are comfortable with the digital platforms provided by the likes of Auctionet. What is more, with the ability to bring local auction houses to global buyers, the online auction marketplace is projected to increase at 11.45% CAGR until 2027, reaching over USD 11 billion.
Auctionet officials advised that making sure that the company’s marketplace is efficient, safe, and simplified is critical to delivering an advanced customer experience, adding that they are working to guarantee quality items, as well as a buying process that is secure and transparent. Per their statement, with Brite Instant Payments, the company can extend the customer experience focus to the payment process, with a fast, secure, and convenient way for buyers to complete their purchases following a successful bid.
More to this point, Brite Payments company officials stated that they believe instant bank payments not only provide Auctionet’s buyers with a simplified way to pay, but also address some of the long-standing payment-related difficulties faced by online marketplaces, particularly the high and unpredictable fees associated with card payments, and the risk of chargebacks and fraud. Additionally, the spokesperson said that with its constantly expanding network of instant payments coverage, Brite Payments is well positioned to support Auctionet as it expands its reach in a growing number of markets throughout Europe.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now