Their Perfect Gift is an “open loop” gift card, which can be used anywhere that accepts Mastercard. Nuapay’s FCA-licenced Open Banking payment service, now integrated with Their Perfect Gift’s online check-out, enables gift-givers to purchase a gift card without using their credit or debit card.
Developed by K Wearables, K Ring is the world's first contactless payment ring, powered by Mastercard and accepted at over 40 million retail locations worldwide. K Ring eliminates the need to handle cash or touch a card PIN pad for purchases under GBP 45. The company’s partnership with Nuapay means that consumers will now be able to top up their K Wearables prepaid Mastercard using Open Banking payments.
Working with Nuapay brings benefits to Their Perfect Gift, and K Wearables. It enables their customers to pay seamlessly via their mobile app, while providing faster access to cash and reducing processing costs for Their Perfect Gift and K Wearables.
The Open Banking payments are also completed using SCA-compliant authorisation, and without a merchant needing to collect card payment details, thereby reducing the costs of card fraud and chargebacks. This makes it a compelling payment acceptance option for financial service providers of prepaid, credit and e-wallet accounts, and as such the sector is becoming one of the leading adopters of Open Banking payments.
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