MyBank's transaction volumes exceed EUR 15 billion record

Friday 10 January 2020 12:53 CET | News

MyBank, the pan-European payment solution, has reached more than EUR 15 billion in terms of total transaction value in 2019.

Launched in March 2013, MyBank allows consumers to make e-payments directly from their internet banking, using their usual access credentials, with no sensitive data shared with third parties. Online purchases or payments can be completed from any device, with immediate confirmation for buyers and sellers.

The economic value of the transactions grew by 50% in over six months and, concurrently, daily transactions saw a significant increase, reaching an average of EUR 19 million per day, according to the official press release.

Increased use of MyBank was seen in all B2B and B2C industries, where the payment solution witnessed a strong continued rise. In terms of services purchased with the support of MyBank, the travel industry, which is known to be a driving force for the growth of the online market, registered a growth of 30% on an annual basis while utilities soared by 41% and telecommunications by 15%. In terms of products, the Tect/IT sector rose by 61%, Furniture and Home living by 36%, Fashion by 29% and Food&Grocery by 18%.

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Keywords: MyBank, payment solution, instant payments, mobile banking, ecommerce, digital identity, travelling, Europe
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech