Payop partners with Tink for Pay by Bank and sees surge in use
27 March 2024: Payop, an international payment processor and a payment aggregator, has partnered with Tink, a market-leading payment services and data enrichment platform, to add Pay by Bank to its checkout options. Payop works with a variety of merchants from small e-commerce stores to large enterprises, offering a unique checkout solution with numerous payment solutions.
Payop is already live with Tink’s Pay by Bank for merchant checkouts, and has seen noteworthy growth. The amount of executed payments increased more than 2.5 times from January to December 2023. Payop and Tink are working together on promoting and growing the adoption of this payment method across Europe. Pay by Bank is available for Payop merchants across Europe including France, Germany, Netherlands, Spain and UK.
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 provides a secure and streamlined experience – at low cost – allowing merchants to differentiate themselves from the competition.
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.
The European market is very competitive. There are many payment options available in each country. But once consumers try Pay by Bank, we see 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.”
About Tink:
Tink is a market-leading payment services and data enrichment platform. Through more than 6,000 connections to banks, Tink provides payments, banking, and lending solutions that power the new world of finance – whether that’s making account-to-account payments, onboarding new users, making better risk decisions or creating engaging money management tools. A wholly owned subsidiary of Visa, Tink was founded in Stockholm in 2012 as a pioneer of open banking.
Today, Tink is present in 19 markets with an enhanced fintech platform that goes beyond its open banking beginnings, to serve many of the world’s largest financial institutions. Tink enables its partners to take processes that are filled with friction and replace them with data-driven experiences that help eliminate complexity for millions of consumers across the globe. For more information, visit tink.com.
About Payop:
Payop is a global payment service provider enabling businesses of all sizes to securely manage their payments. With a vast network of over 500 payment methods in 170 countries, the company provides reliable, efficient, and compliant payment processing for merchants venturing into international markets.
By facilitating transactions in over 100 currencies, ensuring robust security measures and offering easy integration, Payop empowers businesses to focus on growth and expansion while delivering unparalleled convenience to their customers.
Driven by a commitment to innovation and customer-centricity, Payop continues to evolve its suite of services, providing tailored solutions that cater to the specific needs of diverse industries. Learn more at payop.com.