Client Insights
Open Banking Payments
Open Banking is quickly becoming a popular alternative payment choice for merchants across Europe, empowering them to offer their customers a fast, secure, and seamless way to pay directly from their bank accounts. This client insights paper provides a summary of Prommt's key findings to date.
Following a soft launch within a targeted customer base in July 2022, a wide range of clients have now adopted Pay by Bank (PBB) as an optional and in some cases, the default payment method.
PBB is a game changer for many of our clients when requesting and instantly collecting high-value payments with zero card processing fees.
Key Highlights:
- Strong adoption within a mix of verticals including Automotive, Builders Merchants, Luxury Retail and Hospitality.
- The highest value PBB transaction was a car purchase for £54,000. Car transactions account for 9 of the top 10 highest value transactions. These top ten highest value transactions account for almost half a million pounds.
- The highest value PBB transaction within Builders Merchants was £47k and within Luxury Retail was £34k. The highest value within Hospitality was just under £10k.
- Average Transaction Value (ATV) for PBB is nearly four times higher than the ATV for a card transaction (£2,390 v £675).
