Insight & Analysis

Press release: SafeCharge expands its local payments portfolio

Published: Aug 2019

30th July 2019SafeCharge extends its portfolio of local payment methods and offers open banking instant guarantee payment solution. By adding MyBank to its 150+ large payment portfolio, SafeCharge will be able to help merchants in limiting charge-backs and boosting payment conversions while offering a seamless shopping experience.

SafeCharge (AIM: SCH) – the partner of choice for businesses who demand more from payments technology, today announced it has further expanded its portfolio of local payment methods by adding MyBank. MyBank is an open banking instant guarantee payment solution provider that enables a better and more secure way to pay through a direct connection to the merchant’s bank. The addition of MyBank to SafeCharge’s payment roster will enable merchants to avoid fraud-related chargebacks and prevent the inability to capture funds thanks to bank-to-bank direct authentication.

By using MyBank, customers, companies and public authorities can make safe digital payments and identity authentication through a consumer’s own online banking portal or mobile application. The method allows for shoppers to be re-directed to their bank’s online system, where the payment transaction is automatically carried out with the highest degree of security. Payments are immediate and irrevocable, with no amount limits for transactions. With open-banking allowing for real-time credit transfers, SafeCharge is now able to provide merchants with another alternative payment method geared towards sales conversions.

The rollout has successfully started in Italy, one of the European markets with the greatest e-commerce potential. Italy has been recording a double-digit growth in the last years: in 2018 B2C e-commerce market generated a turnover of 41.5 billion euros, increasing overall by 18% compared to 2017. There are currently about 38 million online consumers, constituting 62% of the population, and the number is expected to reach 41 million by 2023. Other European countries are expected to follow.

“I am really happy that a global player like SafeCharge has decided to add MyBank to its payment portfolio,” commented Riccardo Porta, Digital Marketing Strategist of PRETA/MyBank. “It is always a source of pride to be chosen by international companies that recognise us as a suitable business partner to drive conversion rates and expand geographically, I am sure that merchants will welcome this new opportunity. Through MyBank, merchants are able to provide immediate and irrevocable payments therefore reducing the risk of fraud and charge-backs, making it particularly suitable for higher-value purchases.”

Umberto Corridori, Senior VP of Sales of SafeCharge, concludes: “We are very satisfied with the partnership with MyBank, which is a market leader for inter-bank payment solutions in Italy. At SafeCharge, we provide merchant with more than 150 payment methods through our platform and we believe that working with MyBank will allow us to fulfil or mission of providing the most targeted, local payment methods available for merchants to increase conversion rates and boost satisfaction.”

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