As merchants increasingly opt for open banking payments, Tink has revealed that 10,000 merchants have now chosen Pay by Bank via its Payment Service Provider (PSP) partnerships.
Tink, which also recently hit a new €100million peak in a single day for its payment initiation services (PIS) across Europe, says that these landmark numbers show that 2025 could become a ‘critical turning point’ for open banking solutions like Pay by Bank.
The open banking platform hit the 10,000 merchant milestone through its direct payment partnerships with merchants and by working with leading PSPs, including Adyen, which has integrated Tink’s Pay by Bank solution into its checkout interfaces – making it available to their merchants and end-consumers.
Pay by Bank makes it possible to check out quickly on a mobile device, directly from a bank account. This can reduce the need for manual data entry and the risk of fraud. According to the European Savings and Retail Banking Group, 96 per cent of the EU population own a bank account, making Pay by Bank one of the most inclusive payment services available to consumers and merchants on the continent.
Ian Morrin, head of payments at Tink, said: “Reaching this merchant milestone not only highlights the growing demand and adoption of seamless and secure payment solutions, but also demonstrates the transformative power of open banking in empowering businesses and consumers alike to make more informed decisions. The momentum we’re seeing is really encouraging, and we’re excited to announce new partnerships in the coming months.
“In addition, regulation is furthering the reach of euro-denominated instant payments in the European Union. These requirements will be a catalyst to realise Europe’s A2A payment opportunity at scale, increasing the adoption of solutions like Pay by Bank.”
Building trust with open banking payments
Merchants are recognising the growing consumer demand for alternative payment solutions. At the same time, some merchants are themselves experiencing payment method fatigue and may find it hard to decide which payment methods are worth the integration. By offering Pay by Bank as an option, merchants have a flexible and scalable payment process which meets consumers’ needs for fast and secure payments.
For example, Tink is directly partnered with Splitwise, a popular app for sharing bills and expenses. Prior to partnering with Tink, Splitwise users had to exit Splitwise and go to their banking app to initiate payment and then return to Splitwise to confirm they had settled up with their friends. Now, friends can link their bank account and settle up in seconds by initiating a secure bank-to-bank payment within the app.
“Speed, security, and ease of integration are just some of Pay by Bank’s benefits – and both consumer and merchant demand are reaching a new peak,” added Morrin. “Building trust, awareness, and reliability with consumers is key for open banking payment methods to flourish and reach full-scale adoption.”
