Monaco, July 4th 2023 – Software producer YowPay presents the first SEPA instant credit transfer payment solution for merchants and e-merchants in the Eurozone.
Whether you’re buying online, paying a craftsman, a merchant, or a consultation, instant transfers are set to revolutionize banking practices, as they facilitate and accelerate exchanges and transactions. YowPay’s solution generates a unique QR-Code for each transaction, enabling customers to pay faster and more easily, in total security from their usual banking application.
Mobile Payment and Open Banking: banking methods at the Heart of Innovation
Massively deployed during the pandemic and steadily increasing, QR codes and mobile payment services have now been adopted by the majority of Europeans. Every day, smartphones settle $3.45 billion [€3.15 billion] in payments worldwide. Today, these services have become part of people’s daily lives and purchasing habits, and need to become simpler and safer, constantly adapting to meet the ever-changing demands of users: greater flexibility, speed, and security.
The diversification of the banking ecosystem, accelerated in particular by Open Banking, enables players like YowPay to promote secure online payments and encourage the emergence of innovative financial services. Yowpay’s solution is designed to encourage business, whether from physical stores or e-commerce, by offering the first secure and immediate SEPA credit transfer payment complement in Europe.Fast, secure, and direct payment
Yowpay works with a range of approved partners in each country, to meet the needs of European merchants and e-merchants, both online and in-store, thanks to its smartphone application and e-commerce website plugin. All transfers are made from the customer’s bank interface to the recipient’s account.
The data collected is not stored, and YowPay only reconciles the transactions carried out with the issue of a QR Code. As a SEPA instant transfer payment facilitator, data is read-only, and no financial flows pass through YowPay.
How it works:
- YowPay generates a single-use QR code from the YowPay mobile application, or directly via the plugin extension integrated on the merchants e-commerce platform.
- The buyer then scans the QR code from their usual mobile banking application and confirms their payment.
- YowPay facilitates bank reconciliation and informs the merchant of the movement of funds in real-time, confirming transactions and simplifying financial management.
YowPay enables merchants to book payments immediately to their business bank account, without the need for a payment terminal, while keeping transaction costs to a minimum.
For international payments, the solution ensures secure payment without blocking the account or transfer. This is made possible by the direct transfer between the customer’s bank account and that of the merchant, reducing the risk of fraud. No personal information is collected, as transfers are peer-to-peer.
“Yowpay is a complementary payment solution that enables all merchants, whether online or at the point of sale, to be paid immediately and completely securely. Our partnerships enable us to be available throughout the Eurozone, and our application makes the transaction even easier and more secure,” explains Christian Caumont, CEO of Yowpay.
An offer for retailers and e-tailers
E-commerce solutions
- The additional payment method significantly reduces card system transaction fees, complicated onboarding with banks and PSPs, and debit/credit card ceiling limits (recovery of bank card refusals).
- Eliminate the risk of chargebacks, as SEPA payments cannot be reversed.
- Instant money transfer.
- Free E-commerce ‘plugin’ or ‘extension’ for Prestashop and WooCommerce.
Mobile App for points of sale
- Enables acceptance of alternative payment methods to physical credit cards, allowing the user to avoid charges proportional to the amounts paid by card, and passing limits.
- Instant money transfer
About YowPay
Founded in 2023, YowPay is a software company offering a B2B solution that facilitates the exchange of banking data for merchants or e-merchants by creating a unique QR Code for each transaction, making it easier and faster for customers to pay by instant SEPA credit transfer.
Founded by Christian Caumont, an entrepreneur and tech specialist since 1989, who has developed several tech companies such as Nic.Cam, YowPay relies on a group of 70 people to offer an innovative B2B payment solution.
