Holland & Barrett has introduced an open banking payment option for e-commerce purchases through a new partnership with Trustly.
The high street health and wellness retailer will now be able to process payments via its website using Trustly, which enables customers to pay directly from their bank account.
The technology has been increasingly adopted within the wholesale sector of late, as businesses seek to reduce their exposure to hefty transaction and interchange fees incurred when customers pay using corporate credit cards.
While a few retailers, including Ikea, have adopted open banking payment options, the technology is still nascent within the food and drink retail sector.
One of the reasons is that open banking transactions can only be processed within a single basket transaction, which doesn’t suit the online shopping patterns seen by supermarkets, when customers regularly return to top up their online basket multiple times before completing the transaction.
Holland & Barrett said it had been able to integrate Trustly’s payment services into its online infrastructure due to an existing relationship with payment provider Adyen.
“The launch of Trustly’s solution will help drive growth across our business, providing an effective payment method to our customers,” said Jonathan Haywood, H&B director of omnichannel customer development.
“We handle significant volumes of transactions every day and this partnership is a great example of how we aim to provide an exceptional service to our customers.”
Trustly chief product officer Daniel Hecker said: “We are looking forward to supporting Holland & Barrett with tangible results from easier and more streamlined payment solutions for them and for their customers.
“With significant growth predicted for account-to-account payments, this partnership is just the latest example of UK retailers looking to modernise their payment methods, ensuring their checkout technology is ready for the future.”
No comments yet