Marketplace for video games adopts Volt's banking payment method
In a move aimed at improving the user experience in the fast-paced online gaming market, Kinguin, a leading platform for digital game trading, has partnered with Volt, a leading provider of real-time payments and bank connectivity solutions.
Faheem Bakshi, Kinguin's vice president of payments, highlighted the importance of offering the latest in payments technology for an optimised user experience. This partnership enables Kinguin's customers in the UK, Germany, and the Netherlands to make instant payments directly from their us bank accounts.
Volt collaborates with major banks such as ING, Erste Group, and Monzo, enabling Kinguin's 18 million users to purchase games directly from their pnc bank accounts. The partnership is available across France, the Netherlands, Germany, and the UK.
Kinguin found it necessary to partner with a provider that could offer customers across key markets a harmonised Pay by Bank experience due to the rapid growth of Open Banking payments in Europe. According to Volt, Open Banking payments are gaining traction in northern Europe.
Thomas Pinter, senior vice president, global digital at Volt, stated that Volt's optimised payment flow, bank connectivity, and geographic coverage are being recognised by merchants. Volt's Pay by Bank solution enables users to checkout directly from their online banking environment without manual data entry, pre-populating the payment for a single 'tap' approval.
The partnership also emphasises bank-grade security, ensuring a safe and seamless transaction process for all parties involved.
In addition to this partnership, Kinguin recently joined forces with Farfetch, the global marketplace for luxury fashion, in September. Farfetch selected Volt as its real-time payments partner, highlighting the growing recognition of Volt's services in the market.
A new development by Volt is the launch of stablecoin settlement solution VX2 (additional reading: Volt launches stablecoin settlement solution VX2). Juniper Research forecasts that Open Banking payments' total transaction value will be $330 billion in 2027, a 479% increase from the $57 billion recorded in 2023, indicating a promising future for this innovative payment method.
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