As a result, kevin.’s account-to-account (A2A) payments will be available on all point-of-sale (POS) terminals connected to the Switchio platform.
Switchio by Monet+ works with multiple acquirers to manage millions of transactions each day and is a developed platform offering software and hardware solutions for in-store payment acceptance, covering the entire process from POS terminals to processing centers.
By integrating kevin.’s high-tech infrastructure into Switchio’s platform, Monet+ becomes able to offer their clients and partners A2A payments in physical stores, enabling businesses to receive payments safely, instantly, and at a fair price.
To use kevin. A2A payments for POS, all consumers need to do is link their bank account within a merchant's mobile application. Once that's done, shoppers can complete their payments via NFC technology by placing their mobile device next to the POS terminal, as they usually do when making contactless payments.
Account-based payments are not limited to digital transactions. kevin. has developed a solution that allows consumers to pay for goods and services directly from their bank account using a POS terminal.
The future of account-based payments is promising. While this payment method hasn’t reached its full potential yet, experts predict that in 2023 it will account for 20% of European ecommerce payments and surpass card payments.
Moreover, according to research, over 60% of mobile banking users would be willing to adopt A2A payments if they were given a chance. Companies such as kevin. are working to ensure that businesses across Europe get a chance to utilise account-based payments to their full potential.
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