Through our partnership with the innovative technology company Thyngs, we are making Open Banking more widely available, while helping charities to increase their non-cash donations.
Last week, Nuapay announced its partnership with mobile technology platform, Thyngs, to help charities tackle the decline in donations due to reductions in consumer cash use. We have joined forces with Thyngs to create a NFC chip which enables passers-by to tap their phones against to make a donation using Open Banking.
In March of this year, the British Retail Consortium released a report which highlighted the current rate of cash use decline, forecasting that cash use will end by 2026. The implications on this for charities, who commonly rely on cash street donations, is evident in research by the Institute of Fundraising in 2018 that found 70% of charities had seen a reduction in cash payments and that over 74% had not yet implemented contactless payment systems. The result is that fewer and fewer people are donating to charities: according to reports by the Charities Aid Foundation (CAF) the number of people who have donated to a charity in the past year declined by 4%.
Using Open Banking technology, Nuapay is demonstrating a viable solution for charities who are struggling to receive donations in an increasingly cashless society. Open Banking is a fast, safe, and secure payment method, and is a cost effective way for charities to accept cashless donations. Transactions can be completed in as little as 20 seconds, according to research by Nuapay earlier this month. Open Banking strips the need to share sensitive data or card details, reducing issues with compliance, and increasing security for donors.
A payers journey will typically vary depending on who they bank with and as each bank is different, a consumer should experience exactly what their bank’s Open Banking journey would look like by making a live transaction. Most banks provide their customers a seamless, app-to-app experience with authentication of the payment taking place with biometrics through their existing banking app. Our partnership with Thyngs enables a method for people to make a live Open Banking transaction whilst also benefiting a very worthy cause.
“For many years, cards have been the only real option available if merchants wanted to accept cashless payments or donations, and this required expensive card terminals and technology. But with the new European regulations, Open Banking based payments have now become a viable, fast growing payment option” said Nick Raper, Head of Nuapay UK. “Through our partnership with the innovative technology company Thyngs, we are making Open Banking more widely available, while helping charities to increase their non-cash donations.”
For more information on the Nuapay Open Banking solution, or how you can donate, please email firstname.lastname@example.org
Thyngs is a technology platform that enables brands to transform their existing physical marketing assets into instant payment points all via consumer smartphones without the need for any App. Charities, Retailers, Publishers and Event organisers use Thyngs to re-invigorate their existing real-world marketing activities to better engage with their customers via unique digital insights. For more, please visit https://thyngs.net/
Nuapay is a pioneer of Open Banking and is the industry’s leading provider of Account-2-Account payment solutions. Building upon the trust, scale, and experience of our parent company, Sentenial, we securely process ~£40bn in payments every year for many of the world’s leading Banks, payment providers and merchants.
Today, we offer our partners a comprehensive A2A payment solution. Our Open Banking products are unique in today’s market: Refunds? No problem. Instalment plans? We power it. We also offer customers our Direct Debit, Credit Transfers and Instant Payment products all through one platform, giving you a full payment solution powered by our Nuapay accounts, and easy to integrate through our industry leading APIs.
We continually work tirelessly to reinvent what’s possible with our banking and payment solutions, removing inefficiencies and unnecessary costs, saving you time, money and resources at every turn.
This is payments as it should be.