Tink hits 10,000 merchants as open banking adoption soars
Tink, A Visa Solution, the market-leading open banking platform, has announced that 10,000 merchants have now chosen Pay by Bank via its Payment Service Provider (PSP) partnerships.
Tink also recently hit a new €100m peak in a single day for its payment initiation services (PIS) across Europe, marking a tipping point in demand for Pay by Bank.
These landmark numbers show that 2025 will be a critical turning point for open banking solutions like Pay by Bank as use cases grow and expand into more markets. Tink has hit the merchant milestone through its direct payments partnerships with merchants and by working with leading PSPs, such as Adyen, who have integrated Tink’s Pay by Bank solution into their checkout interfaces so it is available to their merchants and end-consumers. This helps Pay by Bank reach a wider audience, driving up the volumes of payments being processed daily.
Consumer demand is driven by the need for fast, convenient, and secure payment methods. Pay by Bank makes it possible to check out quickly on a mobile device, directly from a bank account. This can reduce the need for manual data entry and the risk of fraud. According to the European Savings and Retail Banking Group, 96% of the EU population own a bank account, making Pay by Bank one of the most inclusive payments services available to consumers and merchants on the continent.
Merchants are recognising the growing consumer demand for alternative payment solutions. At the same time, some merchants are themselves experiencing payment method fatigue and may find it hard to decide which payment methods are worth the integration. By offering Pay by Bank as an option, merchants have a flexible and scalable payments process which meets consumers’ needs for fast and secure payments.
For example, Tink is directly partnered with Splitwise, a popular app for sharing bills and expenses. Prior to partnering with Tink, Splitwise users had to exit Splitwise and go to their banking app to initiate payment and then return to Splitwise to confirm they had settled up with their friends. Now, friends can link their bank account and settle up in seconds by initiating a secure bank-to-bank payment within the app.
Ian Morrin, head of payments at Tink, said: “Reaching this merchant milestone not only highlights the growing demand and adoption of seamless and secure payment solutions, but also demonstrates the transformative power of open banking in empowering businesses and consumers alike to make more informed decisions. The momentum we’re seeing is really encouraging, and we’re excited to announce new partnerships in the coming months.”
He continued: “In addition, regulation is furthering the reach of euro-denominated instant payments in the European Union. These requirements will be a catalyst to realise Europe’s A2A payment opportunity at scale, increasing the adoption of solutions like Pay by Bank.
“Speed, security, and ease of integration are just some of Pay by Bank’s benefits – and both consumer and merchant demand are reaching a new peak. Building trust, awareness, and reliability with consumers is key for open banking payment methods to flourish and reach full-scale adoption.”