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Payop Partners With Tink to Add Pay-by-Bank in Europe

Payop Partners With Tink to Add Pay-by-Bank in Europe

Payop and Tink partnered to promote the adoption of pay-by-bank as a payment method across Europe.

Payop added Tink’s pay-by-bank offering to the eCommerce checkout options it offers to European merchants, the companies said in a Wednesday (March 27) press release emailed to PYMNTS.

During Payop’s testing of Tink’s pay-by-bank option, from January to December 2023, the number of executed payments grew more than 2.5 times, the release said.

“Tink showed us the potential of an open banking technology, providing secure payments that can be done in three clicks,” Payop CEO Anastasiia Semenkova said in the release.

“The European market is very competitive,” Semenkova added. “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.”

Payop offers its checkout solution with numerous payment methods to merchants ranging in size from small eCommerce stores to large enterprises, the release said. The global payment service provider’s network encompasses more than 500 payment methods, 170 countries and 100 currencies.

Its new pay-by-bank option provided by Tink lets consumers make online purchases by initiating payments directly from their bank account to the seller’s account, providing a secure and low-cost experience, according to the release.

“Pay-by-bank complements the current payments ecosystem,” Ian Morrin, head of payments and platforms at Tink, said in the release. “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.”

Tink was acquired by Visa in 2021, with Visa saying that the combination of its network and Tink’s open banking capabilities would provide European consumers and businesses with financial tools that are more simple, reliable and secure.

In another deployment of the technology, Tink said March 20 that it partnered with Berlin-based payment processor Micropayment to enable that company’s Europe-based merchants to offer pay-by-bank at checkout.

Through the partnership, Micropayment merchants can offer this payment method in Germany, Austria and Switzerland.

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