Brite Payments, the Swedish fintech firm, has collaborated with Auctionet to introduce instant account-to-account (A2A) payments. Founded in Sweden in 2011, Auctionet is a digital auction platform, facilitating the sale of over two million items on its digital marketplace.
With more than 65 local auction houses primarily in Sweden, along with a growing presence in Europe, Auctionet connects sellers of art, furniture, design items, antiques and collectibles with global buyers.
The collaboration with Brite Payments enables Auctionet to cater to evolving payment preferences among users, particularly the increasing popularity of mobile bidding, while also streamlining its payment processes.
Brite Payments leverages Europe’s open banking infrastructure to enable instant A2A payments for Auctionet. Its ‘Single Sign’ feature, introduced in 2022, simplifies payments by allowing users to make direct payments from their bank accounts with a single authentication step.
Studies have demonstrated that this mobile-friendly solution accelerates payments by up to 40 percent compared to conventional A2A payment methods. Additionally, Brite’s automatic payment reconciliation system benefits Auctionet by reducing manual administrative tasks.
Going once, twice….
Online auction platforms have witnessed a surge in popularity in recent years, driven by factors such as the transition to digital platforms during the pandemic and the growing financial influence of millennials, who constitute a substantial portion of auction buyers.
Experts forecast a compound annual growth rate (CAGR) of 11.45 per cent for the online auction market until 2027, projecting a market value exceeding $11billion.
Lena Hackelöer, founder & CEO of Brite Payments, highlighted the benefits of instant bank payments, including cost-efficiency and reduced risks compared to card payments.
“We believe that instant bank payments not only give Auctionet’s buyers a seamless way to pay, but also address some of the long-standing payment problems faced by online marketplaces,” she said. “In particular, the high and unpredictable fees associated with card payments, and the risk of chargebacks and fraud.
“Plus, with our ever-expanding network of instant payments coverage, we are well positioned to support Auctionet as it extends its reach in a growing number of markets across Europe.”