Introduction
Tink, a Visa Solution, and Adyen have partnered with Recharge, a global prepaid payments platform, to introduce the Pay by Bank option to customers in Germany. Pay by Bank is an open banking-powered payment method that enables users to transfer money securely and directly from one bank account to another. Initially, Recharge will implement this payment option on Guthaben.de, one of its flagship websites catering to the German market.
This collaboration highlights the growing demand for seamless, secure, and efficient payment solutions. Customers on Guthaben.de can now enjoy a faster, more secure checkout experience when purchasing vouchers. Recharge’s CEO, Günther Vogelpoel, emphasized the company’s commitment to giving consumers control over their payment choices, prioritizing security, speed, and convenience.
With Tink’s expertise in open banking and Adyen’s robust end-to-end payment platform, this partnership ensures a smooth integration of Pay by Bank, setting a new benchmark for digital payment experiences in the German market.
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Industry Comments
Günther Vogelpoel, CEO at Recharge, said: “We pride ourselves on ensuring consumers are in the driving seat when it comes to how they choose to pay for brands and services. Bringing Pay by Bank to our platform with Tink and Adyen, starting with our German customers on Guthaben.de, supports those who value security, speed, and convenience in their payment experience.”
Thomas Gmelch, Payments Director, DACH at Tink, said: “The appetite for Pay by Bank among merchants, especially those working with PSPs like Adyen, is really growing. At Tink we’ve seen recently that over 10,000 merchants have now chosen Pay by Bank via our PSP partnerships.”
Hella Fuhrmann, Country Manager DACH at Adyen, added: “Our long-standing collaboration with Tink empowers us to introduce this innovative technology, allowing customers to make payments directly from their bank account. We offer our customers a subscription to innovation to help them achieve their goals faster.”
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FAQs
1. What is Pay by Bank, and how does it work?
Pay by Bank is an open banking-powered payment method that allows consumers to transfer money directly between bank accounts securely and instantly. Instead of relying on traditional card-based payments, users can authorize transactions using their bank credentials. The process is seamless, fast, and secure, eliminating the need for intermediaries like cards or wallets. This method enhances customer convenience and reduces transaction processing times, offering a modern and efficient alternative for online payments, as seen on Recharge’s Guthaben.de platform.
2. What does this partnership mean for customers and the industry?
The partnership between Tink, Adyen, and Recharge marks a significant step in advancing digital payment experiences. By introducing the Pay by Bank option on Guthaben.de, customers in Germany gain access to a faster and more secure payment method when purchasing vouchers. This collaboration emphasizes the growing importance of open banking technology in transforming payment systems, offering enhanced convenience and security.
For the industry, this partnership sets a new standard for integrating open banking-powered payment methods into mainstream platforms. It showcases how innovative payment solutions can improve user experience and foster trust. Recharge’s commitment to empowering consumers with better payment options aligns perfectly with Tink’s and Adyen’s expertise, paving the way for broader adoption of open banking in Europe.
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Conclusion
The partnership between Tink, Adyen, and Recharge represents a milestone in the evolution of digital payments, bringing the innovative Pay by Bank option to customers in Germany. By leveraging open banking technology, this solution offers a secure, fast, and direct payment method that eliminates the complexities of traditional transactions.
Starting with Guthaben.de, Recharge’s flagship website for the German market, this collaboration prioritizes customer convenience and choice. Günther Vogelpoel, CEO of Recharge, underscores the company’s focus on empowering users with secure and efficient payment options. Backed by Tink’s leadership in open banking and Adyen’s robust payment infrastructure, the Pay by Bank integration ensures a seamless and reliable experience for customers.
As the adoption of open banking continues to grow, this partnership serves as a benchmark for the industry, demonstrating how collaboration between innovative payment providers can enhance user experiences and streamline online transactions. It’s a forward-looking move that redefines digital payments in Europe.
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