Dynamic Mobile Billing and Vendreo partner to take advantage of growing use of Open Banking
Dynamic Mobile Billing has partnered with Vendreo to offer a payment suite comprising a range of payment options including Carrier Billing, Card processing, Google Pay, and Apple Pay, to take advantage of the growing use of Open Banking.
Gary Corbett, Chairman of Dynamic Mobile Billing, comments: “A PWC report is forecasting that Open Banking will be a £7.2 billion sector this year – has increased nearly four-fold in the last few years and that growth will accelerate. That is a difficult opportunity to ignore. We believe that Open Banking has some fantastic innovative opportunities and a global scale which our clients will now be able to take advantage of, thanks to our new partnership with Vendreo.
“The advantage that Dynamic Mobile Billings customers will see include things such as added level of security, overall better user experience and the ability to pay using their preferred banking App”, says Corbett.
This means that Dynamic Mobile Billings clients will now be able to offer a payment mechanism to their own client base that will enable them to make a payment to their bank account immediately, offer a fixed fee, with is substantially cheaper than card processing for payments over £10 – all the while generating better conversion rates due to its simplicity.
Corbett adds: “Many reports forecast that Open Banking will take 30% of the card processing market but when looking at the incredible customer experience and lower costs to merchants, I am predicting that this figure will be surpassed. Not to mention that this payment mechanic fits incredibly well with our strategy – offering customers and their end-users the widest choice of payment options possible.”
Russell King of Vendreo adds that: “It’s great to have Dynamic Mobile Billing on board. We can provide innovative products based on our Open Banking infrastructure. For Dynamic Mobile Billings customers – many of whom focus on delivering the highest payment conversions – the Vendreo offering is a fantastic addition to their payment portfolio and we are looking forward to working together.”