Spotlight on Bank Transactions: Journey from Initial Rollout to Enduring Influence
Global Payments' Bank Payment Gains Traction in Diverse Markets
The 'In Focus' webinar series, in partnership with Token.io, recently discussed the merchant adoption of Global Payments' Open Banking payment offering, Bank Payment. The discussion, moderated by Ellie Duncan of Open Banking Expo, featured Matt Jackson, the vice president of partner management at Token.io, and Cormac Bane, the product manager at Global Payments.
The webinar highlighted the varying levels of merchant adoption across different countries, with significant opportunities in markets that boast well-established or emerging open banking ecosystems.
Countries such as the UK, EU nations, Brazil (Pix), the Netherlands (iDEAL), Poland (BLIK), India (UPI), Australia, and more, offer prime opportunities due to their existing infrastructure and regulatory support for open banking payments.
Global Payments is actively expanding its open banking and POS product suites, with a focus on integrating open banking payments into broader POS and payment acceptance solutions. This strategy aims to increase merchant adoption by embedding open banking as part of comprehensive payment technology.
The discussion also emphasised the importance of awareness strategies to drive adoption. By educating merchants about the benefits of open banking payments, such as cost reduction, faster settlement, and improved customer experience, more merchants are motivated to adopt this payment method.
Regulatory environments play a critical role in merchant adoption. In regions like the US, open banking regulation is still evolving, which may delay widespread adoption. In contrast, Europe and other regions have clearer frameworks supporting open banking.
Partnerships with payment service providers and software vendors can help accelerate merchant onboarding and awareness. For example, Volt's partnership with platforms like Optty enables merchants to access multiple payment partners and open banking capabilities globally, simplifying integration and scaling adoption.
When it comes to creating awareness in the customer journey, merchants can consider various strategies. These may include leveraging existing customer communication channels, offering incentives for using open banking payments, and collaborating with payment partners to deliver compelling messaging.
In summary, merchant adoption of Global Payments' open banking offering is advancing in key markets with supportive infrastructure and regulation. Strategies to increase adoption include product bundling, highlighting real-time payment benefits, educating merchants on cost savings, and collaborating with payment partners to simplify deployment and messaging. However, adoption pace varies by country depending on local regulatory clarity and merchant readiness.
- The webinar highlighted the varying levels of merchant adoption across different countries, with significant opportunities in markets that have well-established or emerging open banking ecosystems, such as the UK, EU nations, Brazil (Pix), the Netherlands (iDEAL), Poland (BLIK), India (UPI), Australia, and more.
- Global Payments is actively expanding its open banking and POS product suites, with a focus on integrating open banking payments into broader POS and payment acceptance solutions, as a means to increase merchant adoption by embedding open banking as part of comprehensive payment technology.
- Partnerships with payment service providers and software vendors, like Volt's partnership with platforms like Optty, can help accelerate merchant onboarding and awareness, by enabling merchants to access multiple payment partners and open banking capabilities globally, simplifying integration and scaling adoption.
- When it comes to creating awareness in the customer journey, merchants can consider various strategies, such as leveraging existing customer communication channels, offering incentives for using open banking payments, and collaborating with payment partners to deliver compelling messaging.
