Account-to-account (A2A) payments platform Vyne said its payments solution has gone live on the checkouts of 10 brands in the THG portfolio, including Myprotein, Zavvi and Glossybox, marking its expansion into the retail sector.
Vyne called it the “first step” in a wider integration that will see its solution offered as a payment method for 25 THG brands in total.
The other THG brands that have gone live are ESPA, Coggles, mio Skincare, Myvegan, Beauty Expert, Pop in a Box and Allsole.
The integrations use Open Banking technology to allow customers to make ecommerce payments directly to the THG brands and retail sites.
With customers able to pay via their banking app, Vyne said that payments are more secure and reduce the risk of fraud.
In a blog post, Vyne also stated that the brands offering Vyne can bypass card networks and their associated fees, helping to reduce costs and chargebacks.
John Gallemore, CEO of THG Ingenuity, which is the proprietary, end-to-end technology and operating platform that powers all THG brands, said: “Our aim is to consistently improve and innovate across the platform to provide shoppers with the widest possible payment choice and ultimately enhance customer experience.
“The addition of Vyne to our range of payment options is another step forward in this evolution.”
Vyne CEO Karl MacGregor added: “We are delighted that some of THG’s leading ecommerce brands will be adding Vyne’s account-to-account payments to their checkouts.
“This announcement marks Vyne’s expansion into the retail sector, with alternative payment methods continuing to grow in prominence.”
In September 2021, Vyne raised seed funding of $15.5 million, with Hearst Ventures, Entrée Capital, Triplepoint and Seedcamp among the investors that participated.