Following its recent integration with Stripe, TrueLayer’s new A2A payments app has now gone live in the Shopify App Store, allowing UK and EU merchants to add open banking payments to their checkout.
The move brings the open banking network to the prominent e-commerce platform, enabling merchants to add instant bank payments to their website in a matter of hours. The checkout experience adds a faster, more secure payment option at a fraction of the cost of cards or PayPal.
Customers’ details auto-populate directly from their bank account, reducing the likelihood of payment failure and removing friction. Payments leverage biometric authentication to verify customers’ identity, providing bank-level security with every payment.
Powered by instant payment rails, open banking payments allow for real-time settlement of funds and enables businesses to process refunds faster.
Michael Brown, head of e-commerce at TrueLayer says: “Businesses throughout the UK and Europe rely on Shopify to power their payments. As Europe’s leading open banking platform, we’re excited to give those merchants the fast, cost-effective open banking payments they need to provide an exceptional experience to their customers.”
Electronics retailer Maplin is the first merchant to sign up, with more retailers expected to onboard over the coming months.
Ollie Marshall, managing director at Maplin comments: “We partnered with TrueLayer because we wanted to give our customers a fast, seamless way to complete their purchases while cutting down on card processing fees. Integrating open banking payments through their Shopify app was a breeze.”