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Nuapay Enables Open Banking for Mastercard Prepaid Providers Ready for Christmas

Nuapay, powered by Sentenial, has announced it has been chosen by Mastercard prepaid provider, Their Perfect Gift to enable consumers to use Open Banking payments in the lead up to Christmas.

Their Perfect Gift is an “open loop” gift card, which can be used anywhere that accepts Mastercard. Nuapay’s FCA-licenced Open Banking payment service enables gift-givers to purchase a flexible gift card in a fast and convenient way, without using their credit or debit card.

These payments are also completed using SCA-compliant authorisation. With no need for the merchant to collect card payment details, this reduces the costs of card fraud and chargebacks. This makes it a compelling payment acceptance option for financial service providers of prepaid, credit and e-wallet accounts, and as such the sector is becoming one of the leading adopters of Open Banking payments.

“2020 has seen a strong increase in the use of Open Banking payments. This is partly due to merchants accelerating the adoption of mobile-friendly payment methods to respond to the challenges of Covid-19, and partly as consumers’ understanding of and appreciation of the benefits of Open Banking increase” said Nick Raper, Head of Nuapay UK. “Endorsement from leading prepaid card programmes such as Their Perfect Gift will only serve to further increase Open Banking adoption, particularly as consumers look to purchase flexible gifts that can be spent as the recipient wishes this Christmas.”

Consumer retail experts at Mintel predict that gift cards will be popular gifts this year, making this the perfect time for Their Perfect Gift to invest in improving their customers’ payment journeys.

Thish De Zoysa, Co-founder and CEO of Their Perfect Gift, adds: “We made the decision to partner with Nuapay due to their unmatched Account-to-Account capabilities, ability to streamline our customers’ payment experience and the quick implementation with our WooCommerce website through the Beam Open Banking plug-in. Open Banking is a rapidly accelerating trend, and we want Their Perfect Gift to be at the forefront of adoption in the prepaid market; giving our customers payment choice and a fast and convenient way to purchase our Mastercard prepaid gift cards.”

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