Worldpay, the merchant solutions unit of FIS has teamed up with open payments gateway, Volt.
The collaboration, aims to bring the power of open banking to merchants. Specifically, it will them the ability to take payment through open banking from consumers.
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Adoption of open banking technology is continuing to grow worldwide, driving account-to-account (A2A) payments use among consumers. Findings from Worldpay’s 2023 Global Payments Report reveal that in just 12 months, the value of payments using A2A capabilities increased 13% globally, rising from $463bn in 2021 to $525bn in 2022.
A2A payments: worth $757bn by 2026
By 2026, A2A payments will have a 10% share of the e-commerce payments market. That is worth around $757bn of all global online payments.
The combination of Worldpay’s merchant acquiring strength with Volt’s expertise will give Worldpay customers access to open banking rails. And according to the companies, it is those capabilities that will capture the growing strength of A2A payments.
“Our strategic collaboration with Volt comes at an exciting time as open banking adoption gathers pace, revolutionising payments.
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By GlobalDataVolt are a best-in-class technology provider with deep expertise in this space,” said Sudev Balakrishnan, Chief Product Officer, Worldpay.
“Working together, combining their knowledge with our scale, we will be able to open up pay by bank opportunities for our merchants. And potentially allow them to take advantage of this growing market by embracing A2A payments with a single solution”.
Worldpay, Volt collaboration: reducing the cost of payment acceptance
For merchants, the collaboration potentially reduces the cost of payment acceptance. It also offers near instant settlement of funds, thereby boosting their cash flow. As greater collaboration and interoperability between real-time payment rails are explored there should naturally be a growth in opportunities to use A2A payments for cross-border commerce, further benefiting merchants with global ambitions.
“We’re delighted to be working with Worldpay. It gives merchants access to our open banking payments infrastructure,” said Volt Founder and CEO Tom Greenwood. “Real-time account-to-account payments are experiencing hockey-stick growth around the world. This partnership will help merchants capitalise on that growth. It provides them with a standardised, scalable solution that improves user experience and drives conversion.”
Worldpay enables merchants of all sizes to take, make and manage payments across channels, geographies, and industries. Over one million merchants globally trust Worldpay solutions to power their in-store, online and mobile transactions, fight fraud, optimise authentication and tap into value-added services that boost commerce. Additionally, Worldpay facilitates payouts to a broad network of suppliers and beneficiaries around the world. It offers the capability to send money to approximately 225 markets in 146 countries.
