Worldpay has rolled out a new marketplace hub for merchants in the UK. This hub is intended to leverage on the open banking ‘revolution’, allowing merchants a single API integration to all UK banking providers. Why is this interesting? because when a user makes a payment in an app, this API can automatically open your preferred mobile banking app, allowing you to complete the payment and check your balance in one go. The hub is also equipped to process refunds. A recent Omdia report predicted that these types of transactions will overtake online card payments as soon as 2024. Right now Worldpay only offers this in the UK, but other markets are on the horizon.
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