Global marketplace for video games Kinguin has partnered with global real-time payments platform Volt to integrate Pay by Bank, thereby enabling its users to purchase games directly from their bank account.
Through the new Open Banking payments partnership, Kinguin’s 18 million users will be able to purchase games and in-game goods using Volt’s Pay by Bank.
Available across France, the Netherlands, Germany and the UK, Volt’s Pay by Bank solution enables users to checkout directly from their online banking environment without the need for manual data entry.
Pay by Bank pre-populates the payment, so it can be approved in a single ‘tap’.
In a press statement, Volt cited the “product market fit” between real-time Open Banking payments and online gaming, where “fast, friction-free purchases are particularly valued”, as well as bank-grade security.
Faheem Bakshi, Kinguin’s vice president, payments, said: “Offering the latest in payments technology is vital to our commitment to delivering an optimised user experience in each of our live markets.
“With the rapid growth of Open Banking payments in Europe, it became imperative to find a provider that could offer customers across some of our key markets a harmonised Pay by Bank experience.”
“Volt was best placed to deliver on this aim, and we’re already seeing it emerge as a preferred payment option,” Bakshi added.
“We pride ourselves on our optimised payment flow, bank connectivity and geographic coverage, so it’s fantastic to see this being recognised by merchants such as Kinguin,” said Thomas Pinter, senior vice president, global digital at Volt.
“We look forward to seeing Pay by Bank drive conversion and speed up settlement times across the UK and northern Europe.”
According to Volt, Open Banking payments are gaining traction in northern Europe.
Recent research published by Juniper Research forecast that Open Banking payments’ total transaction value will be $330 billion in 2027 – a 479% increase from the $57 billion recorded in 2023.
In September, global marketplace for luxury fashion Farfetch selected Volt as its real-time payments partner, enabling its customers in the UK, Germany and the Netherlands to make instant payments directly from their bank accounts.
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