Combining Worldpay’s experience as a merchant acquirer with Volt’s industry and technical expertise will give Worldpay customers access to Open Banking rails, and these new capabilities aim to capture the growing strength of A2A payments.
Adoption of Open Banking technology is continuing to grow worldwide, driving account-to-account (A2A) payments use among consumers. Findings from Worldpay's 2023 Global Payments Report reveal that in just 12 months, the value of payments using A2A capabilities increased 13% globally, rising from USD 463 billion in 2021 to USD 525 billion in 2022. According to the report, by 2026, A2A payments will have a 10% share of the ecommerce payments market, making up USD 757 billion of all global online payments.
Officials from Worldpay said that their strategic collaboration with Volt comes at an exciting time as Open Banking adoption gathers pace, revolutionising payments across the globe. Volt is a technology provider with deep expertise in this space. Working together, combining knowledge with Worldpay’s scale, they will be able to open up pay by bank opportunities for merchants and potentially allow them to take advantage of this growing market by embracing A2A payments with a single solution.
Alongside giving merchants’ customer more choice of seamless payments, this collaboration also brings a host of benefits for merchants, by potentially reducing the cost of payment acceptance, while offering near instant settlement of funds and thereby boosting their cash flow. As greater collaboration and interoperability between real-time payment rails are explored there should naturally be a growth in opportunities to use A2A payments for cross-border commerce, further benefiting merchants with global ambitions.
Volt’s representatives said they’re happy to be working with Worldpay to give merchants access to their Open Banking payments infrastructure. Real-time account-to-account payments are experiencing hockey-stick growth around the world. This partnership will help merchants capitalise on that growth by providing them with a standardised, scalable solution that improves user experience and drives conversion.
Worldpay enables merchants of all sizes to take, make and manage payments across channels, geographies, and industries. Over one million merchants globally trust Worldpay solutions to power their in-store, online and mobile transactions, fight fraud, optimise authentication, and tap into value-added services that boost commerce. Additionally, Worldpay facilitates payouts to a broad network of suppliers and beneficiaries around the world, with capabilities to send money to approximately 225 markets in 146 countries.
For more information about Volt, please check out the company profile in The Paypers Company Database.
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