Monzo Enables Flex Users to Make monthly Payments with Apple Pay
Monzo Bank is the first UK bank to enable its Flex customers to choose monthly payment options when making online purchases with Apple Pay.
Customers using iOS 18 and iPadOS 18 can now choose to pay in full or spread the cost over multiple months directly at the point of purchase with Apple Pay. This feature is available for online and in-app purchases on iPhone and iPad.
This allows customers to see the monthly payments, understand total cost including any interest, and choose how they’d like to repay before completing their purchase.
Kunal Malani, General Manager at Monzo, said:
“Our customers love using their Flex credit card with Apple Pay and we’re thrilled to be the first bank to bring this feature to Apple Pay users in the UK. Now our customers are able to choose their monthly payments — right at checkout with Apple Pay when using their Monzo Flex credit card. This brings an even more convenient experience for our customers when shopping online.”
This new feature gives Monzo Flex customers greater flexibility and control over their spending, enhancing the convenience of using Apple Pay for online and in-app purchases.
Do you think this new feature will make Monzo the go-to choice for Apple Pay users in the UK? Tell me more in the comments.
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GOLDEN NUGGET
📊 Payment Gateway 🆚 Payment Orchestrator, by Yuno
Let’s dive in:
The e-commerce landscape is evolving rapidly, with global e-commerce sales projected to reach $8.034 billion by 2027, comprising 22.6% of total retail sales.
Amidst this transformative surge, businesses increasingly rely on payment gateways to manage their payment processes.
Every day, payment gateways are projected to process over 1.57 trillion transactions in 2024 🤯
Highlighting their immense impact on global commerce. Their primary objective is to ensure a seamless shopping experience for customers while equipping businesses to streamline their payment operations.
𝗪𝗵𝗮𝘁 𝗶𝘀 𝗮 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗚𝗮𝘁𝗲𝘄𝗮𝘆?
A payment gateway serves as a vital technology in the realm of e-commerce, enabling online payments for e-commerce sites and digital retailers.
It acts as an intermediary between the customer and the merchant, ensuring that payment data is transferred securely.
𝗛𝗼𝘄 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗚𝗮𝘁𝗲𝘄𝗮𝘆𝘀 𝗪𝗼𝗿𝗸:
The process begins when a customer proceeds to checkout. The payment gateway securely transmits the transaction details to the acquiring bank, who forwards these details to the issuing bank (the customer's bank) for authorization.
Once authorized, the payment gateway communicates the approval or decline to the merchant and the customer. This entire process takes place within seconds, providing a seamless shopping experience.
𝗪𝗵𝗮𝘁 𝗔𝗿𝗲 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗢𝗿𝗰𝗵𝗲𝘀𝘁𝗿𝗮𝘁𝗼𝗿𝘀?
Payment orchestrators act as a centralized platform that integrates and manages multiple payment gateways, providing businesses with a unified interface to handle their payment processes.
By acting as a middle layer, payment orchestrators simplify the complexity associated with managing multiple gateways, offering a host of benefits that enhance operational efficiency and customer experience.
Businesses leveraging payment orchestrators report a 25% increase in transaction success rates and a 30% reduction in operational costs.
I highly recommend reading the deep dive article for more interesting info on this topic.
Source: Yuno
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