Payment insight November 2023
POS, Electronic Cash Register & Retail Payment - Apple's arrival boosts SoftPOS in France
- FRANCE - Apple launches Tap to pay on iPhone in France
- FRANCE - Lyra to launch its own SoftPOS solution
Tap-to-Pay is on a roll, and Apple's introduction could lead to a gradual adoption of SoftPos in France. Tap-to-Pay solutions have long been the preserve of traditional banks or companies that have developed this value proposition. However, the introduction of SoftPOS technology has reshuffled the market and facilitated the emergence of simple solutions by players from all sectors of the financial industry (including neobanks and PSPs). However, SoftPOS is much more than just a playground for alternative players. Traditional banks are also positioning themselves. Recently, Apple announced the launch of its Tap-To-Pay functionality in France. BPCE was one of the first French banks to announce the availability of Tap to Pay for merchants. As a reminder, BPCE was the first to introduce Apple Pay in France. PSPs Adyen, SumUp and Worldline have already made the solution available to customers, and Stancer and Stripe have said it will be available soon. Meanwhile, Lyra has announced that it will launch its own SoftPOS payment solution in Q2 2024. This new solution will be more advanced than other existing solutions, as it will enable payments not only with bankcards but also with other payment methods such as QR codes, with the aim of reaching foreign tourists.
POS, Electronic Cash Register & Retail Payment - Pay-by-banking gradually gaining ground in the United States
- UNITED STATES - Adyen joins forces with Plaid to deploy Pay-by-Bank in the United States
- EUROPE - Klarna joins forces with Form3 to strengthen its offering in Europe
Pay-by-banking is becoming an increasingly important alternative to credit cards. In concrete terms, this means of payment is an instantaneous or non-instantaneous transfer initiated by a merchant directly into a customer's bank account via a payment intermediary. However, its development depends largely on the culture of each country. In Germany, Pay-by-Bank is the only payment option available for online purchases. Although this payment method is new to the Netherlands, the iDEAL solution has quickly won over customers and now accounts for almost 60% of online transactions, compared with just 15% for credit card payments. This is also why the solution has been purchased by the European Payments Initiative (EPI). This month, Adyen announced its partnership with Plaid to launch its Pay-By-Bank solution in the USA for early 2024. Pay-by-Bank joins Adyen's list of over 150 different payment methods. Pay-by-Bank is starting to gain a foothold in the US market. Mastercard has teamed up with JPMorgan Chase, and Bank of America is also planning to extend its Pay-By-Bank solution, already available in the UK, to the USA. In Europe, account-to-account cloud payment platform Form3 has announced a partnership with Klarna to strengthen its offering in Europe as part of its international growth strategy. Under the new agreement, Form3 will provide Klarna with direct technological access to STEP2 and RT1 via a multi-account platform built on a single cloud-based API. Form3's technology is designed to future-proof Klarna in the face of regulatory changes such as the Digital Operational Resilience Act (DORA).