Brite Payments broadens instant payment services, partnering with a German e-commerce giant
The world of online payments is evolving, and Germany is not an exception. According to recent research by Brite Payments, 67% of Germans are familiar with the concept of Pay by Bank, and 36% of 18 to 29-year-olds use this payment method either daily or weekly. This growing trend reflects the increasing adoption of open banking across Europe.
Over 3,000 open banking APIs were active across Europe by 2022, and over 80% of banks worldwide aim to invest in this technology by 2025. This strong infrastructure growth supports payment methods like Pay by Bank, which allows consumers to make transactions directly from their bank accounts.
The European open banking market is rapidly growing, with a projected compound annual growth rate of 24.4% from 2021-2028. Regulatory initiatives, such as PSD3 and instant payment mandates in the Eurozone, will further facilitate adoption and consistency of open banking payment methods.
In Germany, while specific adoption data is limited, it is suggested that younger generations are more predisposed to using innovative payment methods like Pay by Bank. This is supported by high digital banking adoption among younger users in other developed markets.
Gerd Kasdorf, head of sales at OXID eSales, stated that Brite Instant Payments allows merchants to expand their checkout with a leading Pay by Bank provider. OXID eSales offers a scalable and customizable shop platform for B2B and B2C businesses across various industries, supporting multiple payment solutions to enable merchants to customize their checkout and maximize conversion rates.
Brite Instant Payments Network uses Open Banking technology to process account-to-account (A2A) payments in real time between consumers and online merchants. This partnership between Brite Payments and OXID eSales extends 'Brite Instant Payments' and 'Brite Instant Payouts' to users of OXID's shop system, providing a smooth payment experience for consumers and benefits for merchants, such as real-time transaction processing, predictable cashflow, reduced fraud risk, and lower operational costs.
The research also revealed that four in 10 Germans are willing to try new forms of online payment, indicating a promising future for the adoption of Pay by Bank and other innovative payment methods in Germany. As banks ramp up open banking investments and regulations promote seamless, instant payments across Europe, the use of Pay by Bank via open banking is expected to continue growing.
[1] Source: Finextra Research [2] Source: European Banking Authority [4] Source: Juniper Research
- The European open banking market is projected to display a significant growth with a compound annual growth rate of 24.4% from 2021-2028.
- Over 80% of banks worldwide aim to invest in open banking technology by 2025, which supports payment methods like Pay by Bank.
- Gerd Kasdorf, head of sales at OXID eSales, stated that Brite Instant Payments allows merchants to expand their checkout with a leading Pay by Bank provider.
- Four in 10 Germans are willing to try new forms of online payment, indicating a promising future for the adoption of Pay by Bank and other innovative payment methods in Germany.
