In a significant development that promises to revolutionise the way merchants and consumers interact financially, BlinkPay is excited to be partnering with banks to bring open banking to New Zealand.
This comes on the heels of the UK’s open banking sector reaching a milestone of over 11 million payments in July 2023 alone.
What is Open Banking, and Why Should You Care?
Open banking might sound like a buzzword, but it’s much more than that. Imagine a world where your customers can pay you directly from their bank accounts, securely and instantly, without the need for a credit card. That’s open banking in a nutshell. It allows third-party services like BlinkPay to connect to banks, offering you and your customers more options, better security, and lower fees.
A Word from BlinkPay’s Chief Product Officer, Adrian Smith (Ngāpuhi) “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.”
Why Open Banking is a Win-Win for Merchants
Lower Costs: Traditional payment methods often come with high transaction fees. Open banking significantly reduces these costs, saving you money.
Faster Payments: Say goodbye to the days of waiting for payments to clear. Open banking allows for real-time transactions, improving your cash flow.
Enhanced Security: With open banking, the need for sharing sensitive information like credit card details is eliminated, making transactions more secure.
The Future is Here
The UK has already seen a dramatic increase in the adoption of open banking, with a 105% rise in active users from June to July 2023. This trend is not just a passing phase but a significant shift in how financial transactions are conducted. And with the main four banks committing to implementing open banking by May 2024, the way Kiwis conduct online payments is set to change radically. BlinkPay is committed to leading this change in New Zealand, offering merchants a more efficient and secure way to handle payments.