Marketplace for video games adopts Volt's payment system via bank transfers
In a move aimed at enhancing the user experience, online gaming marketplace Kinguin has partnered with payment solutions provider Volt to integrate Pay by Bank. This innovative feature will allow users to purchase games directly from their bank accounts, streamlining the checkout process.
Faheem Bakshi, Kinguin's vice president of payments, expressed the importance of offering the latest in payments technology. He stated that the rapid growth of Open Banking payments in Europe necessitated finding a provider for a harmonized Pay by Bank experience across some of Kinguin's key markets.
Volt's Pay by Bank solution enables users to checkout directly from their online banking environment without manual data entry, providing a quick and easy payment option. The partnership is available across France, the Netherlands, Germany, and the UK, expanding the reach of this convenient payment method.
Bank-grade security is a feature of Volt's Pay by Bank solution, ensuring that transactions are secure and protected. This added layer of security is particularly important in the online gaming industry, where sensitive financial information is often exchanged.
The collaboration between Kinguin and Volt for the integration of Pay by Bank was announced in June 2023. This partnership is not Kinguin's first foray into innovative payment solutions, as it also offers PayPal, credit card, and cryptocurrency options.
Thomas Pinter, senior vice president, global digital at Volt, expressed pride in Volt's optimized payment flow, bank connectivity, and geographic coverage. He also highlighted the 'product market fit' between real-time Open Banking payments and online gaming, where fast, friction-free purchases are valued.
Open Banking payments are gaining traction in northern Europe, according to Volt. Juniper Research forecasts that the total transaction value of Open Banking payments 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, further demonstrating the growing popularity of Volt's Pay by Bank solution. This partnership enabled Farfetch's customers in the UK, Germany, and the Netherlands to make instant payments directly from their bank accounts.
As Kinguin and Volt move forward with this partnership, they look forward to seeing Pay by Bank drive conversion and speed up settlement times across the UK and northern Europe. This collaboration is expected to provide a more seamless and efficient payment experience for Kinguin's users, setting a new standard in the online gaming industry.
For further reading, Volt recently launched its stablecoin settlement solution VX2. (Further reading: Volt launches stablecoin settlement solution VX2)
Additional Information - Pay by Bank pre-populates the payment, allowing for a single 'tap' approval. - This news article does not contain advertisements.
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