Marketplace for video games adopts Volt's banking payment system
In a significant stride for the payments industry, Volt's Pay by Bank solution is making waves across Europe. This innovative service, boasting bank-grade security, has recently been selected by global marketplace for luxury fashion, Farfetch, as its real-time payments partner. This partnership enables Farfetch customers in the UK, Germany, and the Netherlands to make instant payments directly from their bank accounts.
The rapid growth of Open Banking payments in Europe is not lost on Kinguin, the online gaming platform. Recognising the potential of this technology, Kinguin has partnered with Volt to integrate Pay by Bank, allowing users to purchase games directly from their bank account. This move is seen as vital by Faheem Bakshi, Kinguin's vice president of payments, who emphasises the importance of offering the latest in payments technology to deliver an optimised user experience.
Thomas Pinter, senior vice president, global digital at Volt, is encouraged by the recognition his company's solution is receiving. He attributes this to Volt's optimised payment flow, bank connectivity, and geographic coverage. The partnership is available across France, the Netherlands, Germany, and the UK.
The product market fit between real-time Open Banking payments and online gaming, where fast, friction-free purchases are particularly valued, is evident. Pay by Bank pre-populates the payment, allowing it to be approved in a single 'tap'. This streamlined process is expected to drive conversion and speed up settlement times across the region.
According to Volt, Open Banking payments are gaining traction in northern Europe. Recent research published by Juniper Research forecasts that the total transaction value of Open Banking payments will be $330 billion in 2027, a 479% increase from the $57 billion recorded in 2023.
As the adoption of Open Banking payments continues to grow, Kinguin finds it imperative to offer customers across some of its key markets a harmonised Pay by Bank experience. This commitment to customer convenience aligns with Volt's mission to make payments faster, simpler, and more secure for everyone.
Further reading: Volt launches stablecoin settlement solution VX2
Please note that the search results do not provide information on which banks in Germany support the Pay by Bank payment method with Kinguin at this time. Stay tuned for more updates as Volt's Pay by Bank solution continues to revolutionise the payments landscape.
