Popular digital payment platform, Deutsche has announced its partnership with Token to Launch an Open Banking Solution. The firm confirmed this development in a blog post on Wednesday. As revealed, Token is an Open Banking enabler in the Europian payment industry.
Notably, Token’s partnership with Deutsche was to aid the launch of Deutsche’s payment platform identified as PayThisWay. As revealed, the PayThisWay project is a solution for account-to-account payment of cryptocurrencies and other assets. It allows for a fast, smooth, cost-efficient, and secure direct payment between accounts.
According to Deutsche, its mission is to facilitate a cashless society where all customers can access convenient, secure, and cost-effective virtual payment methods. Deutsche believes PayThisWay is not just the completion of a purchase but a positive touch point in a customer’s journey.
Notably, Open Banking and account-to-account payments have become trends in today’s virtual sphere. It has acquired massive popularity within Germany and Europe. According to market prediction, the Open banking payment is expected to exceed USD 116 billion in 2026. This represents a 2800% increase from its 2021 USD 4 billion.
Reportedly, a potential increase in customer awareness will contribute to this growth. Now, Europe is leading the way and is expected to account for about 75%($87 billion) of the total USD 116 Billion in 2026. According to research from Token, there are remarkable requests for Open Banking-enabled account-to-account for payments from customers in Germany. Additionally, Token maintained 85% certainty that consumers would use the payment in the future.
Deutsche working to complement emerging trends in crypto and other sectors
In addition, the launch PayThisWay is in line with Deutsche payment vision to complement the emerging trends in the crypto and other virtual spheres. Also, the firm says PayThisWay manifested as a valuable expansion of its innovative and future-focused portfolio.
According to Deutsche Payment CEO Alexander Herbst, Open Banking and account-to-account payments are showing potential growth rates. Additionally, Herbst noted the platform will play a significant role in the virtual payment industry in the future, Europe especially. He further described PayThisWay as an essential landmark in Deutsche Payment’s goal of becoming the leader in cashless payment policy across German and European Markets.
Furthermore, Token CEO, Todd Clyde also expressed his delight towards partnering with Deutsche to launch the Open Banking platform. According to him, the project further indicates a steady increase in the demand for Open Banking Powered platforms across Europe.
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