Available in France, the Netherlands, Germany, and the UK, Volt's Pay by Bank service enables users to complete their purchases directly from their online banking accounts, with payments pre-filled and requiring just a single tap for approval. Unlike card payments, this method eliminates the need for manual data entry, reducing the risk of errors or compromised information.
Research by Juniper projects that Open Banking payments will reach a transaction value of USD 330 billion by 2027, a significant increase from USD 57 billion in 2023. Additionally, this partnership reinforces the natural fit between real-time Open Banking payments and the gaming industry, where speed and security are highly valued. As per the announcement, with Pay by Bank, Kinguin also benefits from faster settlements, as payments are transferred directly between bank accounts, using SCT and SCT Inst networks in Europe and Faster Payments in the UK for immediate processing.
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