Nuapay enables Open Banking for Their Perfect Gift and K Ring

Wednesday 9 December 2020 13:50 CET | News

Nuapay, powered by Sentenial, has been chosen by two Mastercard prepaid providers, Their Perfect Gift and K Wearables, to enable consumers to use Open Banking payments in the lead up to Christmas.

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. 

Nuapay’s PISP processor has a single connection to all major banks in the UK and France and a growing number of connections across Europe, ensuring that Their Perfect Gift and K Wearables customers payments will be supported, no matter where their customers bank.  Nuapay’s Open Banking solution is one of the only Open Banking solutions on the market to provide merchants with a fully inclusive Open Banking solution, including full reconciliation and batch settlements of transactions. 

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Keywords: Nuapay, Open Banking, Their Perfect Gift and K Ring, payments
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech