Open Banking payments are gaining traction as many businesses see the benefit of collecting funds from customers via account-to-account payments, which settle directly from the user’s bank account to their Zumo wallet.
Open Banking enabled top-ups redirect users to their banking app, allowing them to authenticate the payment through their regular bank security. The top-up is automatically populated with their Zumo wallet details, making the process a four click experience.
Being able to deliver easy and fast customer experiences has never been more important. Consumer buy-in into the instant economy has taken off over the last 18 months, as lockdowns have led to more people trying different approaches. Zumo being able to offer instant, convenient customer experiences, powered by Modulr’s Open Banking enabled top-ups, makes a huge difference.
It also replaces the need to fund wallets by manual bank transfer which has historically disrupted the customer journey and taken users outside of the brand.
This new feature helps users instantly fund their wallets and invest in crypto. This means it’s easier than ever for Zumo users to top up, invest in the crypto of their choice, and spend their earned GBP on their dedicated Zumo Visa debit cards.
Addressing the launch of Open Banking enabled top-ups, Co-Founder and Chief Product Officer Paul Roach said: “The interface of crypto and traditional banking is one of the crypto industry’s points of greatest remaining friction. Simply put, our users want to know they have a quick, easy and reliable way to get their pounds in and their pounds out, and that’s what we’ve tried to address with this new feature. We want to provide that effective bridge between the worlds of traditional and smart money.
“Now, instead of going through the hassle of a time-consuming manual transfer every time they want to top up, users can authorise payments direct from their linked accounts in just a few clicks – and know that they don’t have to pay an exorbitant fee or risk their bank blocking the payment. It’s a great step forward for the crypto user experience and one we hope will really help get people comfortable with crypto as a whole.”
Altay Ural, Chief Product and Technology Officer at Modulr said, “We’re once again proud to power Zumo as they deliver a seamless account top-up experience for Zumo users. Open Banking enabled payments have gained serious traction as an alternative to traditional payment collection methods. It’s great to see Zumo weaving this latest innovation into their app, boosting their customer experience and providing a friction-free crypto offering.”
Under the hood, account top-ups are payments initiated by the user, leveraging Modulr’s Payment Initiation Service Provider status. When ‘add funds’ is selected, a prepopulated new payer instruction is automatically generated to the user’s chosen Zumo wallet, via API. The user selects their bank of choice and is redirected to authenticate and approve the payment from their banking app or browser. The payment is sent by Faster Payments, settling in near real-time.
Modulr is authorised and regulated by the FCA as an Electronic Money Institution, and so can issue GBP accounts with dedicated account numbers and sort codes. As a direct participant of the Faster Payments and Bacs schemes, they hold and settle funds at the Bank of England, providing reliability and security for users.
Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.
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