Following this announcement, customers and clients will be enabled to use Open Banking and real-time payments in order to pay for vehicle deposits, repairs, parts, and solutions, as well as purchase vehicles outright.
The partnership between Volt and Bumper has been announced amidst a rebound in UK car sales, as more vehicles were sold in the region of the UK in 2023 than any other year since the Covid-19 pandemic. Multiple purchases of used cars were made, having a 5.5% year-on-year growth in Q3 2023.
Volt is expected to power Bumper’s `Pay Now` function, aiming to facilitate these automotive transactions with dealerships receiving the benefit of instant settlements, which are tracked securely in real time. By focusing on optimising the manner in which dealerships are digitised, the integration also enabled checkout flows and pay-by-link options, delivering a mobile-first experience to the services car dealerships provide.
The strategic deal will also address a key pay point for dealerships by eliminating frictions caused by slow settlement times. As customers will be provided with the freedom of knowing that payments are settled instantly, dealerships are set to gain improved control over their cash flow and inventory, as well as reduce the risk of non-payment or system errors. Volt’s integration is currently available for customers and partners in the region of the UK, with plans to launch in more European countries in the future, as part of Bumper’s European expansion strategy.
When merchants leverage Open Banking payments, clients and customers will be enabled to access a safer and more efficient experience. This is aimed to drive UK Open Banking adoption in a year of technology developments. At the same time, the collaboration is set to optimise the functionality for partner dealerships and their clients, as they will be enabled to access and benefit from a frictionless A2A payment experience.
The partnership between Volt and Bumper is expected to provide Open Banking payments to customers of over 5,000 dealerships throughout the United Kingdom, including multiple major automotive manufacturers, such as Ford, Audi, Porsche, and Volkswagen.
For more information about Volt, please check out their detailed profile in our dedicated, industry-specific Company Database.
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