We are excited to share that Kinguin has introduced Open Banking payments, as part of the checkout process. This feature is now available for customers in multiple European countries. With the convenient Pay by bank method, customers can securely make real-time payments through their banks to purchase products from Kinguin.
Open banking is a concept that allows customers to securely share their financial information, like banking transactions and account details, with other authorised organisations through digital channels. It's called "open" because it promotes the idea of sharing this information to create better financial services and experiences.
Imagine you have multiple bank accounts with different banks. In a traditional scenario, you would need to log in to each bank separately to manage your accounts. However, with open banking, you can use a single platform or app to access and manage all your accounts in one place.
Open banking relies on the use of Application Programming Interfaces (APIs), which are like digital bridges that enable different systems to communicate and share information with each other. By using these APIs, authorised third-party providers (such as fintech companies) can securely access your financial data with your consent.
This access to your financial information allows for a range of benefits. For example, you can use apps or services that help you budget, analyse your spending patterns, or find better financial products and deals. It also enables you to initiate payments directly from your bank account without needing a credit or debit card.
Open banking puts you in control of your financial data. You decide which organisations can access your information and for how long. Data privacy and security are crucial aspects of open banking, with strict regulations in place to protect your information.
Kinguin introduced Open Banking payment in several European countries, including Italy, Netherlands, Portugal, Lithuania, Estonia and Finland. Through the seamless Pay by bank method, customers can securely pay real-time via their banks to purchase products from Kinguin.
"Open banking payments have revolutionised the way we transact, providing seamless and secure real-time transactions through customers' trusted banks. It has transformed the payment experience, empowering users with convenience, trust, and a new level of financial control. I am very excited that Kinguin is at the forefront of applying these innovative methods, ensuring our customers have a cutting-edge payment solution that enhances their overall shopping experience." said Faheem Bakshi, Head of Payments at Kinguin
Below is the list of banks available at Kinguin through the Open Banking:
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