Global Payments Inc. has announced the launch of Bank Payment – a new Open Banking solution to simplify payments through accelerated data processing.
The company notes that merchants who adopt Bank Payment can offer clients a payments alternative that leverages Open Banking’s direct access to bank accounts.
Global Payments highlighted a recent consumer survey they conducted in collaboration with YouGov as a cause for the launch, in which it is said that customers are increasingly looking for choice at the checkout to better control their finances.
Resonating with this statement, the survey found that one in four consumers (26%) have abandoned their online basket in the last six months due to the lack of their preferred payment method.
What’s more, more than a third of consumers (34%) say they are ready to move to an alternative if it offers additional benefits. All in all, the survey concludes that merchants should present more payment options if they want to attract and retain customers.
Nick Corrigan, Europe President, Global Payments, commented: “Adoption at scale of new payment options usually reaches a tipping point when consumers demand innovation or merchants encourage adoption – or both.
“I believe we are at an inflection point with Open Banking, where we are seeing interest from both consumers and merchants in taking advantage of new innovations in payments. With Bank Payment, merchants have an opportunity to meet all of their customers’ needs.”