FinTech firm, TrueLayer, reports that its 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 enables Shopify merchants to add instant bank payments to their website in a matter of hours.
As a result, TrueLayer says they can quickly benefit from a faster, more secure payment option at a fraction of the cost of cards or PayPal.
TrueLayer’s Open Banking payments are digitally native and require no manual data entry.
Customers’ details auto-populate directly from their bank account. Payments leverage biometric authentication to verify customers’ identity.
As dawn breaks on day two of the @OpenBankingExpo, we come bearing news. Big news.
In another European first for open banking, we’re now live on @stripe as an external payment method 🎉
Read more here: https://t.co/KC1ibMD7hT#openbanking #fintech pic.twitter.com/V6FT2ZMysF
— TrueLayer (@TrueLayer) October 19, 2023
The app, designed in partnership with Shopify agency Eastside Co, comes as TrueLayer establishes connections with e-commerce big hitters. Recently, it became the first European Open Banking option for payment giant Stripe.
Michael Brown, Head of E-commerce at TrueLayer, says: “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.”
Ollie Marshall, Managing Director at Maplin, says: “We partnered with TrueLayer because we wanted to give our customers a fast, seamless way to complete their purchases while cutting down on card processing fees.”
“Integrating Open Banking payments through their Shopify app was a breeze, and we’re excited to continue working with TrueLayer to make things even smoother for our shoppers.”
Jason Stokes, CEO at Eastside Co, comments: “At a time when e-commerce customers demand a seamless shopping experience, open banking payments can help businesses make their checkouts fast, smooth and secure.”
“With consumer adoption rising each month, open banking has the potential to drive payment innovation for retailers large and small. We’re proud to partner with TrueLayer to help enable that progress for merchants in the UK and Europe.”
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