Payop, an international payment processor and a payment aggregator, has partnered with Tink, a market-leading payment services and data enrichment platform, enabling it to add ‘Pay by Bank’ to its checkout options.
Payop is now live with the Tink Pay by Bank solution for merchant checkouts, which has already enjoyed noteworthy growth. The amount of executed payments more than doubled between January and December 2023.
Anastasiia Semenkova, CEO at Payop, explained the decision to implement the open banking solution: “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.”
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 and Tink hope to promote and grow the adoption of this payment method across Europe through this collaboration. Pay by Bank is available for Payop merchants across Europe including France, Germany, Netherlands, Spain and the UK.
Semenkova added: “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.”
Pay by Bank
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 a low cost, enabling merchants to differentiate themselves from the competition.
Ian Morrin, head of payments and platforms at Tink, also 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.”
