Volt and Kinguin Transform Gaming Payments

Volt, a global leader in real-time payment innovation, has announced a groundbreaking partnership with Kinguin, one of the world’s largest online marketplaces for video games. This collaboration introduces advanced open banking technology, empowering Kinguin’s 18 million users to complete transactions swiftly and securely using the innovative “Pay by Bank” solution.

With this partnership, Kinguin aims to enhance the payment experience for its users, integrating a system that offers speed, security, and simplicity. As real-time payment solutions gain traction, particularly in Europe, this collaboration highlights the growing importance of open banking in shaping the future of online commerce.

Simplified, Secure Transactions with “Pay by Bank”

Volt’s “Pay by Bank” feature eliminates many of the challenges associated with traditional payment methods. Currently available in France, the Netherlands, Germany, and the United Kingdom, this payment solution allows users to make purchases directly from their online banking environment.

Unlike conventional card-based payments, “Pay by Bank” does not require manual data entry. Payment details are pre-filled, enabling customers to approve transactions with a single tap. This streamlines the process, removing the risks of errors or compromised data and ensuring a frictionless shopping experience.

For gamers, this innovation means faster access to their favorite titles and in-game items. For merchants like Kinguin, it results in smoother transactions and faster settlements, creating a win-win scenario for all parties involved.

The Rise of Open Banking in Europe

The gaming industry has always been at the forefront of adopting new technologies, and payment solutions are no exception. Open banking has emerged as a game-changer in this sector, allowing businesses to offer seamless, secure, and transparent payment options.

In northern Europe, the adoption of open banking has been particularly rapid, and Kinguin’s integration of Volt’s technology reflects this trend. According to recent research by Juniper, the value of open banking payments is projected to skyrocket from $57 billion in 2023 to an astounding $330 billion by 2027. This exponential growth underscores the increasing demand for innovative financial solutions that prioritize user convenience and security.

Benefits for Both Consumers and Businesses

The “Pay by Bank” system is more than just a convenient option for users. It offers tangible benefits to businesses like Kinguin by streamlining the payment process and enabling real-time settlements. Payments are routed directly between bank accounts, leveraging the SCT and SCT Inst rails in Europe and the Faster Payments network in the UK.

This direct approach eliminates the need for intermediaries, ensuring faster transaction times and reducing costs. For Kinguin, this means an enhanced ability to manage cash flow and provide better service to its customers.

Gamers, on the other hand, enjoy the convenience of immediate payments without the need to input sensitive card information. The system’s bank-grade security measures also reassure users, making it a preferred payment option for tech-savvy consumers.

Industry Leaders Embrace Innovation

Faheem Bakshi, Kinguin’s Vice President of Payments, emphasized the company’s commitment to leveraging cutting-edge technology to improve user experiences:

“Offering the latest in payments technology is vital to our commitment to delivering an optimized user experience in each of our live markets. With the rapid growth of open banking payments in Europe, it became imperative to find a provider that could offer customers across some of our key markets a harmonized Pay by Bank experience. Volt was best placed to deliver on this aim, and we’re already seeing it emerge as a preferred payment option.”

Thomas Pinter, Senior Vice President of Global Digital at Volt, highlighted the shared vision between the two companies:

“We’re delighted to support Kinguin’s mission to provide customers with the best possible payment experience. We pride ourselves on our optimized payment flow, bank connectivity, and geographic coverage, so it’s fantastic to see this being recognized by merchants such as Kinguin. We look forward to seeing Pay by Bank drive conversion and speed up settlement times across the UK and northern Europe.”

Open Banking and Gaming: A Perfect Match

The collaboration between Volt and Kinguin showcases the natural synergy between real-time open banking payments and the gaming industry. Fast, frictionless transactions are a priority for gamers, especially when coupled with top-tier security. This makes “Pay by Bank” an ideal solution for this dynamic market.

Beyond speed and convenience, the integration of open banking also aligns with the growing demand for transparency and accountability in financial transactions. As more consumers become aware of the benefits of open banking, businesses that adopt these technologies stand to gain a significant competitive advantage.

Driving the Future of Digital Payments

This partnership is more than just a business collaboration; it represents a shift in how payments are handled in digital marketplaces. By integrating real-time payments, Kinguin reinforces its position as a leader in the gaming industry, while Volt continues to establish itself as a pioneer in payment technology.

As the popularity of open banking grows, partnerships like this are likely to become the norm. Businesses that embrace these advancements will not only enhance their offerings but also set new standards for the industry.

The Bigger Picture

The move toward open banking is part of a broader trend toward digitization and innovation in the financial sector. Real-time payment solutions like “Pay by Bank” are just the beginning. As technologies evolve, consumers can expect even more seamless and integrated payment options that cater to their needs.

For now, the partnership between Volt and Kinguin serves as a shining example of how collaboration and innovation can drive progress. By putting users at the center of their strategies, these companies are not only enhancing the gaming experience but also paving the way for the future of digital commerce.

Conclusion

The partnership between Volt and Kinguin marks a significant step forward in the evolution of payment solutions within the gaming industry. By integrating Volt’s cutting-edge “Pay by Bank” technology, Kinguin demonstrates its commitment to enhancing user experiences through faster, more secure, and frictionless payment options.

As open banking continues to gain momentum, this collaboration underscores the transformative potential of real-time payments in digital marketplaces. For gamers, the benefits are clear: streamlined transactions, unparalleled security, and instant access to their favorite content. For merchants, the advantages lie in improved cash flow, reduced operational costs, and the ability to meet evolving customer expectations.

In an era where innovation drives success, partnerships like this are paving the way for a more seamless and user-centric digital economy. Volt and Kinguin’s collaboration sets a powerful precedent, signaling a future where convenience and security are no longer competing priorities but complementary pillars of progress.

FAQs

How does “Pay by Bank” improve the payment experience for gamers?
It offers a fast, secure, and seamless way to complete purchases directly through online banking, without requiring manual data entry.

What markets currently support “Pay by Bank”?
The feature is available in France, Germany, the Netherlands, and the United Kingdom.

Why is open banking growing in popularity?
Open banking offers transparency, security, and convenience, making it a preferred choice for businesses and consumers alike.

How does “Pay by Bank” ensure security?
The system uses bank-grade security protocols, ensuring that sensitive financial information is never compromised.

What advantages does this partnership bring to Kinguin?
It allows Kinguin to process payments faster, reduce transaction costs, and provide a better experience for its users.

Why are real-time payments important for the gaming industry?
Gamers value speed and convenience, and real-time payments ensure they can quickly access games and in-game items without delays.

What is Volt’s role in this partnership?
Volt provides the “Pay by Bank” technology, enabling real-time, secure payments with extensive bank connectivity across multiple regions.

How does this collaboration benefit the gaming industry?
It sets a new standard for payment solutions, emphasizing speed, security, and user satisfaction in digital marketplaces.

What is the projected growth of open banking payments?
Open banking payments are expected to grow from $57 billion in 2023 to $330 billion by 2027, reflecting their increasing popularity.

How does “Pay by Bank” enhance transparency in payments?
The system directly connects to users’ bank accounts, ensuring clear and accountable transactions without hidden intermediaries.