Key points:
- Kinguin now offers Volt’s ‘Pay by Bank’ option, enabling direct bank payments for users
- The service is available in the UK, France, Germany and the Netherlands
- The integration facilitates transactions without card data entry, aligning with open banking trends
Volt has partnered with video game marketplace Kinguin to enable purchases directly from user bank accounts via its ‘Pay by Bank’ service.
This integration leverages open banking technology, offering Kinguin’s 18 million users in the UK, France, Germany and the Netherlands an alternative to card payments.
The integration allows users to complete purchases through their online banking environment, where payment details are automatically pre-populated, reducing potential errors and eliminating the need to enter card information.
Kinguin expects the addition of Volt’s service to streamline the checkout process by routing transactions directly between bank accounts.
Faheem Bakshi, Kinguin’s VP of Payments, stated: “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 harmonised Pay by Bank experience.”
Volt’s SVP of Global Digital, Thomas Pinter, commented: “We’re delighted to support Kinguin’s mission to provide customers with the best possible payment experience. We pride ourselves on our optimised payment flow, bank connectivity and geographic coverage, so it’s fantastic to see this being recognised by merchants such as Kinguin.”
This partnership reflects the growing adoption of real-time payments through open banking, a trend forecasted to increase substantially. Juniper Research projects the total transaction value of open banking payments to rise to $330bn by 2027, a 479% increase from 2023 levels.
Similar moves within the industry include a partnership in May between CopyBet and TrueLayer, which enabled instant bank payments for sportsbook customers. These initiatives highlight a shift toward real-time payment solutions within digital marketplaces, especially in gaming and iGaming.
