Worldpay is rolling out a new Open Banking Hub to merchants, enabling users to pay for purchases direct from their bank account, circumventing the need to enter card or account information into a third party site.
For shoppers who request a refund, the Hub enables merchants to credit accounts in real time.
According to a recent report from Ovum, it is estimated that alternative instant payments, including those like the Worldpay Open Banking Hub, could overtake card payments online in 2024.
The Open Banking Hub is currently available to consumers and covers all major banks in the UK, with other markets to follow later this year, says Worldpay
- Demand increases for Open Banking as user numbers grow to more than two million
- Moneybox app announces Open Banking merger with Santander
- Tesco Bank introduces new payment technology for 2.6 million credit card customers
- Open Banking Expo Canada returns virtually this November
- Revolut customer base to grow by a third by 2021