Deutsche Payment has announced a partnership with Token – an Open Banking provider.
According to a company statement, an upcoming launch of “PayThisWay“, an account-to-account payments service, will be powered by Token’s Open Banking platform. Token’s white-label-ready platform is designed to enable payment providers like Deutsche Payments to efficiently launch and manage Open Banking-enabled payments.
Deutsche Payment envisions a cashless society that is secure and efficient in regards to transfers and payments. PayThisWay is said to embody this vision.
Deutsche Payment notes that Open Banking payments are expected to top $116 billion in 2026 from around $4 billion in 2021 representing a geometric increase of 2800% in just a few years. The company believes that Europe will lead the way and account for 75% of the total by 2026. Traditional payment methods such as cards and cash-on-delivery continue to lose share and are projected to account for less than a third of global e-commerce transaction value within the same period.
Deutsche Payment CEO Alexander Herbst explained that Open Banking and account to account payments are exhibiting substantial growth and will be a substantial part of the payment service in the future:
“PayThisWay powered by Deutsche Payment is therefore a significant milestone in Deutsche Payment’s growth path – to become a leading company in the business segment of cashless payments in the German and European markets.”
Todd Clyde CEO of Token added that Deutsche Payment’s launch is emblematic of Open Banking payments in Europe:
“We look forward to seeing Deutsche Payment’s PayThisWay solution enable high-converting, low-cost payments while delivering an exceptional user experience for consumers in Germany and beyond.”
Token’s connectivity network is said to currently reach over 210 million potential end-users of Open Banking payments. Token is now processing tens of millions of open payments annually for over 80 payment service providers, gateways, and banks.
