Global payment processor Payop has partnered with Tink to tap into Open Banking payments by installing the latter’s Pay by Bank payment option.
By integrating Pay by Bank to its suite of payment methods, Payop merchants will be able to make seamless and efficient transactions at the point-of-sale (POS) and add another checkout payment option to choose from.
Anastasiia Semenkova, CEO at Payop, said: “When we decided to test open banking technology for e-commerce payments, our choice fell on Tink. We considered many providers, but were impressed by Tink’s product offering and consumer-centric approach.
“Going into this, we were already positive about the future partnership, but in practice, it turned out to be much more than we expected. Tink showed us the potential of an open banking technology, providing secure payments that can be done in three clicks.
Pay by Bank is an online payment method that lets consumers purchase goods and services by initiating payments directly from their bank account to the seller’s account. This account-to-account payment method aims to provide a secure and streamlined experience, allowing merchants to differentiate themselves from the competition.
Payop and Tink will work together on promoting and growing the adoption of the payment method across Europe, which is available for Payop merchants in markets such as France, Germany, Netherlands, Spain and UK.
Semenkova continued: “The European market is very competitive. There are many payment options available in each country. But once consumers try Pay by Bank, we find that they don’t go back to other methods.
“The increase in adoption of Pay by Bank that we are seeing at Payop would be impossible without a stable and reliable partner. For us, it’s Tink. Tink maintains a high-quality API and keeps adding new banks and countries to its coverage.”
Ian Morrin, Head of Payments and Platforms at Tink, added: “We’ve already seen impressive volume growth in our collaboration with Payop, and we are proud to support them in their Pay by Bank solution.
“Pay by Bank complements the current payments ecosystem. It’s not just about creating another choice of payment at checkout, but offering consumers a payment method that has everything they may want and have come to expect, familiarity, speed, reliability and convenience.”
