Wonderful Payments launches instant bank payments app for businesses
Open Banking provider Wonderful Payments has launched a point-of-sale mobile app for UK businesses, its first commercial payments service.
The new One app allows merchants to process unlimited transactions, both in person and remotely, for a monthly subscription fee of £19.99, thereby eliminating percentage-based fees.
The first release of the app enables businesses to use Open Banking to take direct payments for products or services, as well as view a dashboard which shows order, payment and customer history.
For face-to-face transactions, businesses can generate a QR code, while for payments where the customer is not present, merchants can send secure payment links via other channels, including SMS, email and WhatsApp.
Kieron James, founder of Wonderful Payments, said: “Since 2016, Wonderful has enabled fundraisers and donors to raise millions of pounds for UK charities with no deductions whatsoever.
“Now, businesses and their customers will extend Wonderful’s reach and impact whilst enjoying the speed, simplicity, security, and savings the One app delivers.”
James added: “We are very excited about the app. It reflects the talent of a dedicated team to bring payments innovation to businesses, significantly reducing processing fees at a time when everybody is very focused on cost saving.”
Wonderful Payments confirmed it will “continue to build on” its commercial services throughout the rest of 2023.
Listen to Kieron James discuss how Open Banking is transforming charitable donations with Sacha Deshmukh, chief executive officer of Amnesty International UK, on the Open Banking Expo Unplugged podcast.