Brite Payments broadens instant payment capabilities through partnership with prominent German e-commerce firm
Brite Payments, a company known for leveraging Open Banking technology, has announced the launch of Brite Instant Payments. This innovative solution enables real-time account-to-account (A2A) payments, offering a cost-efficient and user-friendly alternative to traditional card payments.
George Parks Davie, who previously worked with Klarna, has joined Brite Payments to bring his extensive knowledge of Open Banking. Lena Hackelöer, the founder and CEO of Brite Payments, emphasised the ease of integration for existing shops, promising a smooth payment experience for customers.
Pay by Bank Gains Traction in Germany
The use of Pay by Bank, also known as bank-to-bank payment or instant bank payments, is on the rise in Germany. Despite 56% of consumers being unfamiliar with the method, interest can surge significantly when incentives like cash-back or loyalty rewards are offered. Especially among younger generations like Gen Z and high-income groups, the appeal of Pay by Bank can increase by up to 72%.
Germany has traditionally favoured invoice-based payments and debit cards, with credit cards accounting for only about 5% of payment cards in circulation. However, the lower processing fees associated with Pay by Bank make it an attractive option for merchants, particularly those with high volumes and low margins.
Brite Instant Payments: A Growing Alternative
While card payments remain dominant, the combination of cost savings for merchants, ease of use, and incentives for consumers positions Pay by Bank as a growing alternative. It complements rather than replaces traditional card and invoice payments, with 67% of Germans now familiar with the method, and 36% of 18 to 29-year-olds using it either daily or weekly.
Merchants using Brite Instant Payments benefit from real-time transaction processing, providing predictable cashflow, reduced fraud risk, and lower operational costs. The method also eliminates the need for manual card data entry or app downloads, offering a seamless payment experience.
Brite Instant Payments and OXID eSales Partnership
To further facilitate the adoption of Pay by Bank, Brite Payments has partnered with OXID eSales. This collaboration will make Brite Instant Payments available to users of OXID's shop system via plug-and-play integration. This move is expected to streamline ecommerce transactions and refunds for OXID's merchants, offering consumers a fast and convenient way to pay.
Gerd Kasdorf, head of sales at OXID eSales, expressed his excitement about the partnership, stating, "Brite Instant Payments will give consumers a fast and convenient way to pay."
In summary, Pay by Bank is an emerging but niche payment method in Germany, with strong potential for growth driven by cost-efficiency and incentives. Despite currently complementing rather than replacing traditional card and invoice payments, it is poised to become a significant player in the German payment landscape. Four in 10 Germans are willing to try new forms of online payment, indicating a promising future for this innovative payment solution.
Brite Payments, with its Open Banking technology, positions itself as a pioneer with the launch of Brite Instant Payments, facilitating real-time account-to-account payments in the finance sector. George Parks Davie, an expert in Open Banking, joined Brite Payments to accelerate its growth in the business realm. As Pay by Bank gains traction in Germany, it becomes a viable option for merchants due to lower processing fees and growing consumer interest, especially among younger and high-income demographics. To expand the reach of Pay by Bank, Brite Payments partners with OXID eSales, simplifying payments and refunds for online merchants.
