Moneyhub, the Open Data and payments platform, is teaming up with global electronics manufacturer Samsung in order to facilitate the “first” Open Banking payments on a retail self-service point-of-sale (POS) Kiosk.
Moneyhub’s Open Banking payment tech along with Samsung’s self-service ordering and payment solution, “will support the digital transformation for many businesses.” The sleek and compact Samsung Kiosk will be “used by many sectors such as quick-service restaurants, retail stores, stadiums, and other hospitality venues.”
Open Banking is “a compelling payment option for these merchants, as customers pay by bank transfer, sending funds directly from their bank account to the merchant’s account.” It is fast and secure without the need “to share their credit or debit card details.”
As payments are initiated via the customer’s bank, it “complies with the FCA’s Strong Customer Authentication (SCA) which comes into force on 14 March 2022.”
Payments are “received instantly, at lower cost compared to cards.” Merchants can pay up to 5% of their revenue “to card providers to process payments, whilst Open Banking payment fees are less than 1% of the transaction value, helping merchants to improve their profit margins.”
Moneyhub’s smart tech “enables Samsung Kiosk users to manage their payments directly and safely by scanning the QR code with their mobile phone from the screen, making ordering and paying simple and quick for both the merchant and their customers.”
Sam Seaton, CEO at Moneyhub said:
“We are delighted to achieve a world-first with Samsung by bringing the speed, security and cost effectiveness of Open Banking payments to our increasingly fast-paced world. Payments is the new frontier for Open Banking and it is thrilling to see another necessary and impactful business case that brings together the quality of the Samsung Kiosk, with the benefits of this new and exciting way to pay.
Damon Crowhurst, Head of Display at Samsung remarked:
“Through our partnership with Moneyhub, we are continuing to bring innovative solutions that help our customers navigate the complex landscape of a fast changing business environment. Implementing the open banking solution on our kiosk platform helps our customers drive increased profitability, through efficient, scalable and cost-effective solutions that are applicable for retail businesses of all sizes.”