BlinkPay, a pioneering name in the world of payments, is ready to alter the financial landscape in New Zealand by introducing open banking. This remarkable stride follows closely behind the UK’s open banking sector’s achievement, where it witnessed over 11m payments in July 2023.
Open banking is not merely a trendy term. It paints a picture of a future where consumers possess the ability to make direct payments from their bank accounts, negating the need for credit cards. Open banking offers a secure, instantaneous method to achieve this. This transformative approach enables third-party platforms such as BlinkPay to integrate with banks. The end result? Enhanced options, increased security, and reduced fees for both consumers and merchants.
BlinkPay Chief Product Officer, Adrian Smith (Ngāpuhi) said, “Open banking is changing the game for both consumers and businesses. It’s not just about new technology; it’s about offering more choices, better security, and simpler financial management. For merchants, this means quicker payments, lower transaction costs, and happier customers. We at BlinkPay are thrilled to be at the forefront of bringing these benefits to New Zealand.”
Merchants have a lot to gain from open banking. Traditional modes of payment, notorious for their high transaction fees, will be overshadowed by the economical nature of open banking.
In addition, the instantaneous nature of these payments ensures that merchants no longer have to play the waiting game. Security is another area where open banking shines; it eradicates the need for sharing sensitive credit card information, fortifying transaction security.
A look at the UK’s adoption of open banking reveals an impressive 105% surge in active users from June to July 2023. This isn’t just a fleeting trend; it indicates a profound shift in how financial operations are performed.
The commitment from New Zealand’s four primary banks to embrace open banking by May 2024 suggests a monumental change in Kiwis’ online payment methods. BlinkPay is dedicated to pioneering this evolution, offering New Zealand’s merchants an optimised and fortified payment method.
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