PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

QR Code-Based Alternative Payment Network Launches in UK, Details Are Scarce

Tim Sloane by Tim Sloane
June 30, 2021
in Analysts Coverage, Chargebacks, Credit, Merchant, Open Banking, QR Codes, Reports
0
QR Code-Based Alternative Payment Network Launches in UK, Details Are Scarce

QR Code-Based Alternative Payment Network Launches in UK, Details Are Scarce

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Tomato Pay is a free app to consumers that charges merchants far less than cards for payment transactions. The article provides almost no information beyond pricing, but it can be assumed this solution utilizes the Open Banking Pay by Bank methodology.

This approach is also used by Instanea, TrueLayer, PayIt, and other alternative payment processors, banks, and global card networks. This methodology and these solutions, as well as an explanation of the issues associated with deploying production level API platforms, are discussed in Mercator’s upcoming report “A Lesson for the US: How EU Open Banking APIs Have Stabilized to Support Alternative Networks:”

“The free-to-download app charges firms a penny on transactions of up to £10, 10 pence for payments of up to £100 and 0.1% for payments over £100.

There are no card minimum fees, or chargebacks, alongside easy refunds and confirmation of all transactions for both customer and business.

In a survey of 2007 Brits commissioned by tomato pay, 35% say they now decide where they shop based on whether or not the place accepts non-cash payments and one in five would be put off from using a small business if they could only pay in cash.

Nicholas Heller, CEO, tomato pay, says: ‘tomato pay is an app designed specifically to support small business owners and remove the headache of finances – starting by ensuring that more of a payment goes to the business and not their payment providers.'”     

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

Tags: Alternative PaymentsMerchantsPayment NetworksQR CodesUnited Kingdom
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023
    liquidity management

    Liquidity Management Takes on Increasing Importance in Uncertain Economic Times

    March 14, 2023
    payments

    Key Challenges from Growing Payment Methods and Volume

    March 13, 2023
    Data Governance is a Journey, financial data

    How FIs Can Power Their Operations with a Modern Data Architecture

    March 10, 2023
    ISO 20022

    How Banks Can Realize Business Benefits and Reduce Payments Fraud With ISO 20022

    March 9, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Autorek complimentary report: Payments Industry Outlook 2023: