International payment processor and payment aggregator Payop has partnered with payment services platform Tink to implement Pay by Bank in Europe.
According to the official press release, Payop looks after a diverse range of merchants, spanning from small ecommerce ventures to large enterprises, providing a well-designed checkout solution with multiple payment options. Having implemented Tink’s Pay by Bank for merchant checkouts, Payop has observed some definitive growth, as the volume of executed payments surged by over 2.5 times from January to December 2023. Collaboratively, Payop and Tink are striving to promote and expand the adoption of this payment method across Europe. At the time of writing, Pay by Bank is accessible to Payop merchants throughout Europe, including France, Germany, the Netherlands, Spain, and the UK.
Pay by Bank functions as an online payment method enabling consumers to make purchases by initiating payments directly from their bank accounts to the seller's account. This account-to-account payment approach offers a secure and seamless experience at a low cost, enabling merchants to distinguish themselves within the market.
Representatives from Payop highlighted their decision to explore Open Banking technology for ecommerce payments, with Tink being their chosen partner. They also emphasised Tink's product offerings and consumer-centric approach, expressing satisfaction with the partnership's outcomes surpassing expectations. Tink officials expressed pride in supporting Payop's Pay by Bank solution and acknowledged the significant volume growth resulting from their collaboration. They also emphasised Pay by Bank's role in enhancing the existing payment landscape, offering consumers a comprehensive payment method characterised by familiarity, speed, reliability, and convenience.
In March 2024, Berlin-based Micropayment announced a partnership with Tink to launch Pay by Bank at checkout and optimise its customer experience. Throughout this partnership, Tink will be enabled to add Pay by Bank to its payment offerings, a product for merchants' checkout. The companies will work together in order to promote and develop the overall adoption of the payment method across the region of Europe.
Pay by Bank is available for Micropayment traders and collaborators across the DACH region, with plans to leverage Tink’s pan-European connectivity and knowledge to support an expansion in the future. Both companies will focus on meeting the needs, preferences, and demands of users in the ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the industry.
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