MyBank, which processed transactions totalling €1m during the month of October 2014, had reached this same figure daily by February this year and has already surpassed the level of €100m in transactions over the first four months of 2015.
The figures were reported by MyBank’s parent, PRETA SAS – itself a wholly-owned subsidiary of pan-European payment solutions group EBA Clearing.
MyBank is an electronic authorisation (e-authorisation) solution that enables customers to pay for online purchases either online or via mobile banking. PRETA added that a growing take-up by consumers and businesses has seen month-to-month growth of 30% in payment volumes.
Other key facts and figures behind MyBank’s volume and value increase:
- Over 1,000 merchants and public authorities, mostly from Italy, are licensed to use MyBank.
- The average value of consumer-to-business (C2B) transactions initiated via MyBank is €470; the average value of the business-to-business (B2B) transactions is €4,495.
- The top 10 merchants come from a variety of sectors: telecoms, insurance, energy, shipping companies, retailer networks and public authorities.
“We are extremely pleased at the growth of MyBank in recent months, especially in the B2B sector,” said PRETA’s managing director, John Broxis .
“The relatively high average transaction values that we are seeing show that MyBank is filling a gap in the suite of existing electronic payment instruments and also between these instruments and cash. So MyBank offers the chance for banks to help their customers make payments in new and simpler ways avoiding costly workarounds,”
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.
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