Deutsche Payment has partnered with Token, an Open Banking enabler for Europe's payments industry.
Deutsche Payment also announced the launch of PayThisWay powered by Deutsche Payment: a solution for account-to-account payments and Open Banking that enables secure direct payments between accounts. PayThisWay is underpinned by Token’s Open Banking platform and connectivity, according to the official press release.
Deutsche Payment’s vision is for a cashless society where all consumers can access convenient, secure, and cost-efficient digital payment methods. Payments should constitute a positive touchpoint within the customer journey — not just the completion of a purchase. PayThisWay perfectly matches and represents this vision. Open Banking and account-to-account payments are megatrends of the payment universe, with tremendous growth rates in Germany and Europe.
About Open Banking payments
Open Banking payments are predicted to exceed USD 116 billion in 2026, from just under USD 4 billion in 2021, representing a staggering 2800% increase in five years. Increased consumer awareness will contribute to this take-up, with Europe leading the way and expected to account for 75% (USD 87 billion) of the total in 2026.
Traditional payment methods such as cards and cash-on-delivery continue to lose share and are projected to account for less than a third of global ecommerce transaction value within the same period. In line with Deutsche Payment’s ambition to shape technology trends, PayThisWay is a valuable addition to its innovative and future-focused portfolio, the official press release continues.
Deutsche Payment’s CEO has said that ‘Open Banking and account-to-account payments are showing substantial growth rates and will play a central role in the payment method mix in the future, particularly in Europe’. Token’s CEO has said that ‘Deutsche Payment’s launch shows that demand for Open Banking-powered payments continues to grow steadily at all levels of the payments value chain in Europe’, according to the press release.
Providing Open Banking connectivity for PIS and AIS in the UK and Europe, Token’s turnkey and whitelabel-ready platform is designed to enable payment providers like Deutsche Payments to launch and manage Open Banking-enabled account-to-account payment propositions. Token’s connectivity network reaches over 210 million potential end-users of Open Banking payments. The company is now processing tens of millions of open payments annually for over 80 payment service providers, gateways, and banks, the press release states.
Recent research from Token illustrates an exceptional consumer appetite for Open Banking-enabled account-to-account payments in Germany, where 85% of consumers report they are likely to use this agile payment method in the future, the official press release concludes.
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