As per the official press release, the introduction of point-of-sale (POS) Open Banking transactions within DNA Payments' array of mobile payment methods reportedly builds on the fintech’s suite of alternative payment methods (APMs) for payment terminals which also includes Contactless, Apple Pay, Google Pay, and Alipay+.
Following the launch of this solution, customers can now pay by using their mobile devices and banking apps via a QR code that is shown on the terminal.
When discussing the reasoning behind the launch of this new feature, officials from DNA Payments underlined the benefits in entails, including the convenience that it allows customers and the low chargeback rates for merchants.
According to experts, card usage is still embedded in customers’ spending habits. For Open Banking to become a real alternative, it reportedly needs to extend a similar if not better experience for customers than card payments.
As per Statista, from 2020 to 2023 alone, the penetration of Open Banking in the UK increased gradually from 2.5 and 3.5 per cent to 11-12 per cent, meaning that one on nine digitally savvy end users utilised at least one Open Banking-enabled service or product.
DNA Payments is an independent, fully vertically integrated omnichannel payments provider in the UK. The company offers omnichannel payments, serving thousands of merchants to accept transactions through POS terminal solutions or online via websites, payment links, or payments over the phone.
Also in 2024, DNA Payments announced that it expanded its range of POS alternative payment methods by introducing Alipay+. Moreover, the fintech partnered with SUNMI to strengthen the companies’ presence in the UK and with Aero Commerce – in a bid to provide online retailers with unified payments.
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