Open Banking platform TrueLayer has announced the availability of TrueLayer Payments for WooCommerce plugin, enabling ecommerce SMBs to add instant, secure account-to-account payments to their website. Luxury watch retailer BQ Watches is one of the first businesses to implement payments powered by TrueLayer using the plugin.

YouGov research revealed that 74% of merchants are planning to offer instant account-to-account payments as part of their long-term strategy. This corresponds to consumer attitudes, with almost two-thirds (63%) of shoppers stating they would be comfortable paying by Open Banking, particularly for vehicles, car rentals, flight tickets, and sporting equipment. For ecommerce SMBs, many of whom do not have dedicated developer resources, the ease of integration for new payment methods is critical.

It can take weeks, sometimes months, to add a new method due to security and compliance procedures. All the while, these businesses could be losing potential revenue by not offering a shopper’s favourite payment method. The TrueLayer plugin enables businesses with a WooCommerce webshop to integrate instant bank payments into their website with minimal technical and developer resources required.

As a result, they can benefit from payments powered by TrueLayer, removing the need for customers to input card details, or log into PayPal or other digital wallets. Instead, customers use their online banking service to make a direct payment, using biometric authentication to confirm their identity, with every transaction authorised by bank-level security. To find out more about TrueLayer, please check our company database.

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