TrueLayer, Europe’s Pay by Bank network, has announced a partnership with Papa Johns, one of the world’s pizza brands to introduce Pay by Bank, a payment method that enables customers to pay directly from their bank accounts.
With TrueLayer’s open banking technology, Papa Johns customers “can now enjoy a smoother checkout experience, eliminating the need for card details.”
Leveraging open banking, Pay by Bank enables direct payments “from a customer’s bank account, bypassing traditional card networks.”
Transactions are securely authenticated in real time, “often using biometrics verification through users’ banking apps.”
This not only reduces fraud risk but also “offers a faster, more secure way to pay.”
TrueLayer’s Pay by Bank feature also improves payment efficiency for merchants like Papa Johns by “reducing transaction costs and ensuring quicker fund settlement.”
Other benefits for F&B merchants using TrueLayer’s Pay by Bank include;
- Cost: More than a 40% reduction in cost of payments when compared with all forms of card-based payments. These savings can then be reinvested in incentives, discounts or customer acquisition.
- Customers: Access to TrueLayer’s user network of 12 million Pay by Bank users who have a 25% uplift in first time conversion for users in TrueLayer’s network.
- Speed: Instant payments to help merchant cashflow, and instant refunds, which delights consumers.
- Security: Eliminating cards, means eliminating card fraud and all the costs associated with it.
Emlyn Miftari, Commercial Lead at TrueLayer said
“We’re excited to support Papa Johns in changing how customers pay. Payments in ecommerce and food & beverage are undergoing a revolutionary shift, and innovative merchants like Papa Johns are driving this charge. With Pay by Bank, Papa Johns customers can enjoy a frictionless, secure, and more cost-effective payment option that aligns with modern consumer expectations.”
Papa Johns Pay by Bank option is now available for customers “across the United Kingdom and has already processed thousands of orders.”
Papa Johns is co-headquartered in Atlanta, Ga. and Louisville, Ky. and is the world’s “third-largest pizza delivery company with more than 5,900 restaurants in 50 countries and territories.”
As covered, TrueLayer is Europe’s open banking payments network.
They power smarter, safer and faster online payments by “combining real-time bank payments with financial and identity data.”
Businesses use their products to “onboard new users, accept money and make payouts in seconds, and at scale.”
They’re live across 21 countries and “more than 10 million users trust us to process their transactions.”
They’re on a mission to change the way the world pays.