Nuapay and Cybersource team up to expand their offer in Europe’s growing subscription market
Industry provider of Account-to-Account payment solutions, Nuapay, a Sentenial company, today announces an agreement with Cybersource, Visa’s global payment management platform. The agreement expands Cybersource’s existing alternative payments suite, enabling customers to further tap into Europe’s growing demand for recurring payments using Nuapay Direct Debit solutions.
Much of the growth in recurring payments is being delivered by the growth in subscription services, particularly in the current environment—with subscription usage in areas such as digital news and media, as well as video streaming seeing a spike recently. The Subscription Impact Report: Covid-19 Edition, from Zuora, indicates that more than 85% of subscription businesses are maintaining or growing membership during this time, with 1 in 5 subscription businesses actually accelerating their growth. Even before the pandemic, 71% of adults internationally used at least one subscription service, and in Europe households spent an average of €130 per month on subscriptions. The sector is projected to continue its rapid growth, with Gartner predicting that by 2023, 75% of organisations selling direct to consumers will offer subscription services.
Nuapay’s end-to-end cloud environment for collecting recurring payments—covering payer sign-up through to managing money received—has been integrated into Cybersource’s payment gateway. This enables Cybersource’s existing customers to rapidly leverage Nuapay’s solutions, including SEPA and Bacs schemes. Merchants of all sizes can efficiently set up and manage the recurring payments necessary for subscription services—safe in the knowledge that they are compliant with SCA requirements.
Sean Fitzgerald, Chief Executive Officer, Sentenial, added: “Far more goods and services are now being provided on a subscription basis rather than a one time fee for unlimited access. As this trend continues apace we are delighted to be teaming up with Cybersource to provide their varied merchant base with this increasingly popular option via our comprehensive Direct Debit product suite.”
The agreement expands Cybersource’s recurring payments offer to its global merchant and acquirer community. Available today, Nuapay offers Cybersource’s clients both a Commercial Bureau and Facilities Management solution for Bacs, as well as solutions for SEPA Core (consumer payments) and SEPA Business-to-Business (B2B) schemes.