Vyne Newsletter August 23
In this month's newsletter, we're introducing our enhanced consumer checkout; what it is, how it boosts conversion and why merchants should add it to their payment journey. We're celebrating being shortlisted at the Open Banking Expo Awards and having our say on the UK Government considering Open Banking.?
August highlights:
?? Introducing enhanced consumer checkout
?? Open Banking Expo Awards 2023
?? Open Banking reaches an all time high with 11 million+ payments
?? Is the UK Government jumping on the Open Banking bandwagon?
?? Introducing enhanced consumer checkout
Earlier this month, we announced a new product enhancement that's been designed to get the most from Vyne payment links. When consumers click a payment link, they will land on the new page that provides simple, bitesize information on Vyne and walks the customer through how to complete a payment.
In order to build trust, reassurance and boost conversion, the following information has been added to the landing page:
?? The company name / alias, to build trust and instant recognition
?? Trust building and security messaging about Vyne
?? Bank logos to build familiarity
?? Further information on how to make a payment
Merchants that are already using our enhanced consumer checkout in their payment link journeys have seen an increase in payment conversion of 26%.
?? Open Banking Expo Awards 2023
We love celebrating the women of Vyne, so we couldn’t be more thrilled that our Head of Customer Success, Lucy Moss, has been shortlisted as a finalist for the ‘Women in Open Banking Award - Rising Star’ at the Open Banking Expo Awards 2023 ??
Plus, Vyne has been shortlisted as a finalist, for ‘Best Open Banking Payments Project’ ??
?? Snippets
?? Open Banking payments hit an all time high, with more than 11.4 million payments processed in July 2023 which reflects a 9.3% increase in total payments compared with the previous month. That makes July the first month to ever record more than 10 million Open Banking payments.
?? The number of active payment users surged to 4.2 million, showcasing a substantial 10.5% rise from June 2023 and an impressive 68.2% surge from July 2022.
?? As if that wasn't impressive enough, the year-to-date data for 2023 versus 2022 showed total payments growth of 102.4%.
?? Through the grape Vyne: Is the UK Government jumping on the Open Banking bandwagon?
Finally! The UK Government are looking into offering Open Banking through GOV.UK Pay later this year, as part of ongoing development and delivery of digital services.
We may be biased but this would be a transformative move that will allow consumers to pay for government services, like Clean Air Zone charges, "conveniently using their own banking app", in the words of Amanda Dahl, GDS Deputy Director of Digital Service Platforms.
GOV.UK Pay already offer smartphone-based wallet systems like Apple Pay and Google Pay; but if they were to offer an Open Banking payment method, how would you choose to pay? ??
When you boost conversion by 26% with 0 development...
Start taking fast, secure, fair and seamless payments. Add Vyne Pay with bank to your checkout.?