Kevin. partners with Switchio by Monet+

Kevin.a fintech based in Lithuania, has partnered with Switching by Monnet+independent software platform for managing payment terminals in Europe.

Thus, account-to-account (A2A) payments from kevin. will be available on all point-of-sale (POS) terminals connected to the Switchio platform.

Switchio by Monet+ works with multiple acquirers to manage millions of transactions every day and is a developed platform offering software and hardware solutions for in-store payment acceptance, covering the entire process, from point-of-sale terminals at treatment centers.

By integrating kevin’s high-tech infrastructure. in Switchio’s platform, Monet+ becomes able to offer its customers and partners A2A payments in physical stores, allowing businesses to receive payments securely, instantly and at a fair price.

Switchio integrates A2A payments from kevin. for POS terminals in their infrastructure within the Switchio platform, which means that businesses using their services will not need additional investment to start accepting A2A payments in-store as it is compatible with existing terminals. Additionally, merchants will be able to reduce their transaction costs while ensuring the same experience that their customers are used to.

How to use A2A payments

To use Kevin. A2A payments for point of sale, all consumers need to do is link their bank account in a merchant’s mobile app. Once done, shoppers can make their payments via NFC technology by placing their mobile device next to the POS terminal, as they usually do when making contactless payments.

Account-based payments are not limited to digital transactions. Kevin. has developed a solution that allows consumers to pay for goods and services directly from their bank account using a point-of-sale terminal.

Open banking uses APIs as a way for one software to communicate with another. These APIs can connect a bank to third-party providers, enabling the direct transfer of money from a payer’s account to a merchant, all with the payer’s authorization. This means that A2A payments can now be made at the point of purchase instead of card payments, providing speed and convenience without excessive data entry or intermediaries increasing the cost of transactions.

The future of A2A payments

The future of account payments is bright. Although this payment method has not yet reached its full potential, experts predict that in 2023, it will represent 20% of European e-commerce payments and will exceed card payments.

Moreover, according to to research, over 60% of mobile banking users would be willing to adopt A2A payments if given the opportunity. Companies such as kevin. strive to ensure that businesses across Europe have the opportunity to use account payments to their full potential.

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