NETHERLANDS | Pay.nl, a payment service provider based in the Netherlands, announced last week it will support MyBank payments for its customers. MyBank is the pan-European 'e-payments' solution, simplifying online bank transfers across Europe. A growing number of service providers and banks embrace this new cost-effective payment solution.
What is MyBank?
MyBank enables customers to pay for their online purchases through their secure home banking environment, and provides instant payment confirmation and guaranteed settlement for ecommerce merchants.
Online shoppers simply click the MyBank button upon checkout (merchant's payment page), select their bank and are reverted to their trusted online or mobile banking environment. The purchase amount and beneficiary (merchant) details are already filled in and the customer simply confirms payment.
Pay.nl and MyBank
As one of the first Payment Service Providers operating on the Dutch ecommerce market, Pay.nl adds MyBank to its broad portfolio of online payment methods, including iDEAL, credit cards, Bancontact / Mister Cash, PayPal, Giropay and Sofortbanking. MyBank (for ecommerce) is already supported by several other payment service providers, including Worldline and Smart2Pay (click here for a full list).
MyBank and Consumer Banks
MyBank is already adopted by the majority of consumer banks in Luxembourg and Italy (and a couple in France) and would already benefit to Pay.nl's merchants with shoppers originating from these countries. MyBank provides ease-to-mind for online shoppers not willing to share sensitive card or payment information over the internet. At the same time merchants receive instant confirmation and get settled within 1 or 2 working days.
According to MyBank it is expected that many other service providers and banks will start to embrace the payment solution in the coming months. In July this year, the KBC Bank, one of Belgium's largest banks, also announced it will offer MyBank to all of its banking customers, effectively allowing one million customers to pay with MyBank. Their launch is planned for Spring 2015.
Article by About-Payments, September 23rd, 2014