The collaborations expand the use of Open Banking payments for consumers, specifically during the busy shopping holiday period that we are about to embark on.
Nick Raper, Head of Nuapay UK, commented: “2020 has seen a strong increase in the use of Open Banking payments. This is partly due to merchants accelerating the adoption of mobile-friendly payment methods to respond to the challenges of COVID-19, and partly as consumers’ understanding of and appreciation of the benefits of Open Banking increase.
“Endorsement from leading prepaid card programmes such as Their Perfect Gift and K Wearables will only serve to further increase Open Banking adoption, particularly as consumers look to purchase flexible gifts that can be spent as the recipient wishes this Christmas.”
Their Perfect Gift is an ‘open loop’ gift card, which can be used anywhere that accepts Mastercard, whilst K Ring, which is developed by K Wearables, is the world’s first contactless payment ring, powered by Mastercard and accepted at over 40 million retail locations worldwide.
Thish De Zoysa, Co-founder and CEO of Their Perfect Gift, added: “We made the decision to partner with Nuapay due to their unmatched Account-to-Account capabilities, ability to streamline our customers’ payment experience, and the quick implementation with our WooCommerce website through the Beam Open Banking plug-in.
“Open Banking is a rapidly accelerating trend, and we want Their Perfect Gift to be at the forefront of adoption in the prepaid market; giving our customers payment choice and a fast and convenient way to purchase our Mastercard prepaid gift cards.”
Philip Campbell, Founder of K Wearables, also detailed: “A great product is one that is a step ahead of consumer expectations and other offerings, and by enabling our customers to top up their K Rings using Open Banking, we are once again setting a new standard for the payment wearables industry.
“We select our partners carefully in order to maintain competitive advantage, and Nuapay fits the bill perfectly. By integrating Nuapay’s Account-to-Account solution into our top up process, we are continuing to make payments increasingly seamless and ultimately invisible.”