TrueLayer’s new payments app is now live in the Shopify App Store, allowing UK and EU merchants to add open banking payments to their checkout. Electronics retailer Maplin has gone live with the app, with further partners to be announced soon.
The move brings the open banking network to the prominent ecommerce platform, enabling merchants to add instant bank payments to their website in a matter of hours. As a result, they can quickly benefit from a faster, more secure payment option at a fraction of the cost of cards or PayPal.
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In turn, customers benefit from a smoother, safer and faster experience. TrueLayer’s open banking payments are digitally native and require no manual data entry. Customers’ details auto-populate directly from their bank account, reducing the likelihood of payment failure and removing friction. Payments leverage biometric authentication to verify customers’ identity, providing bank-level security with every payment.
Providing customers with the expected refund speed
Powered by instant payment rails, open banking payments also allow for real-time settlement of funds. This gives merchants added assurance that they can ship orders to the customer without the risk of fraud associated with card payments. It also enables businesses to process refunds faster, which establishes trust and loyalty with their customers. Research from TrueLayer and YouGov shows that 4 in 5 shoppers expect a refund within a week or sooner.
The app, designed in partnership with Shopify agency Eastside Co, comes as TrueLayer continues to establish connections with ecommerce giants. Recently, they became the first European open banking option for payment giant Stripe. Open banking payments continue to make inroads with both merchants and consumers. Monthly payment volumes have doubled in the past year, reaching 11.4 million in July alone.
Michael Brown, Head of Ecommerce at TrueLayer said: “Businesses throughout the UK and Europe rely on Shopify to power their payments. As Europe’s leading open banking platform, we’re excited to give those merchants the fast, cost-effective open banking payments they need to provide an exceptional experience to their customers.”
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