💳 Open banking in Europe: Unzer🇩🇪 and Mastercard team up to launch a payment solution

💳 Open banking in Europe: Unzer🇩🇪 and Mastercard team up to launch a payment solution

German fintech Unzer has partnered with payments giant Mastercard to introduce Unzer Direct Bank Transfer, an alternative to Paydirekt. Originally launched in 2015, Paydirekt was Europe’s response to PayPal but struggled to gain widespread adoption.

🔣 Context: The creation of a unified payment system for Europe (EPI) included the launch of a digital wallet to support real-time P2P bank transfers, P2B payments, and online, mobile, and POS terminal operations. The plan also included launching proprietary credit cards to compete with Mastercard and Visa, but over half of the participating banks abandoned the project, significantly reducing the initiative.

🔣 Current situation: Due to these changes, Paydirekt was shut down in 2024, and Mastercard sought a new partner, finding it in Unzer. The new service leverages open banking and existing bank authentication methods, including biometric technologies.

🔣 Availability: Currently, the service is only available to merchants in Germany, but the goal is to expand it across all SEPA-zone countries.

🔣 Additionally, Unzer plans to offer a White Label option allowing merchants to customize the payment process to their brand.

🔣 Future plans: Unzer plans to expand to other European markets by the end of this year. However, it remains to be seen whether European users are ready to embrace these innovations, as competitors like the Swedish company Klarna🇸🇪 are also operating in the sector.

#news #Europe

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