Moneyhub, Samsung partner for Open Banking self-service payments

Tuesday 15 March 2022 11:54 CET | News

Open Data and payments platform Moneyhub has partnered with Samsung to facilitate Open Banking payments on a retail self-service point-of-sale (POS) Kiosk. 

Moneyhub’s Open Banking payment technology in conjunction with Samsung’s self-service ordering and payment solution, will support the digital transformation for many businesses. The Samsung Kiosk will be used by many sectors such as quick-service restaurants, retail stores, stadiums, and other hospitality venues.

Open Banking is a compelling payment option for these merchants, as customers pay by bank transfer, sending funds directly from their bank account to the merchant’s account. It is fast and secure without the need to share their credit or debit card details. As payments are initiated via the customer’s bank, it complies with the FCA’s Secondary Customer Authentication (SCA) which came into force on 14 March 2022.

Payments are received instantly, at lower cost compared to cards. Merchants can pay up to 5% of their revenue to card providers to process payments, whilst Open Banking payment fees are less than 1% of the transaction value, helping merchants to improve their profit margins. Moneyhub’s smart technology reportedly enables Samsung Kiosk users to manage their payments directly and safely by scanning the QR code with their mobile phone from the screen, making ordering and paying simple and quick for both the merchant and their customers, the official press release concludes.

Click here to find out more about Moneyhub.

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Keywords: partnership, Open Banking, Moneyhub, QR code, mobile payments
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech