🛒 Partnership Overview
Volt, a real-time payments platform, has teamed up with luxury retailer Farfetch. Announced on Sept. 18, 2024, this partnership enables customers in the U.K., Germany, and the Netherlands to make instant payments directly from their bank accounts. By selecting "Pay by Bank" at checkout, customers can quickly complete transactions using biometric authentication in their banking apps.
💼 Enhanced Shopping Experience
The integration of Volt's Pay-by-Bank service is designed to streamline the checkout process. As Kat Marangos, Volt’s VP for strategic accounts, said, "We believe that real-time payments have a transformative potential for retail, enriching customer experience, reducing costs, and adding security." This service will be available on Farfetch's websites, farfetch.com and brownsfashion.com, simplifying large-value purchases.
📈 Benefits of Real-Time Payments
Real-time payments offer multiple advantages. The system not only speeds up the settlement process but also removes chargebacks, reduces card fraud risks, and cuts down on card processing fees. This partnership aligns with the ongoing shift towards open banking, which is transforming the financial landscape. The rapid adoption of A2A transfers is proof of this trend, with 84% of users expressing satisfaction with these fast and secure transactions.
🚀 Future of Payment Processing
As the financial ecosystem evolves, the demand for faster, more efficient payment systems grows. According to research, 78% of American financial institutions see faster payment networks as crucial, with many already adopting Payments-as-a-Service models. Volt and Farfetch's collaboration is a step toward a future where real-time payments become the norm, offering consumers a seamless and secure shopping experience.
Will real-time payments become the standard for luxury retail?
