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MiFinity integrates with PayU in Poland and the Czech Republic
MiFinity integrates with PayU in Poland and the Czech Republic

Finextra

time30-07-2025

  • Business
  • Finextra

MiFinity integrates with PayU in Poland and the Czech Republic

MiFinity, the award-winning global eWallet provider, has announced the integration of PayU, one of Central and Eastern Europe's most trusted online payment solutions, into its platform. 0 The new integration gives MiFinity users in Poland and the Czech Republic a popular and familiar way to fund their eWallet, improving accessibility, convenience, and confidence at the point of payment. This move is part of MiFinity's ongoing strategy to continuously expand its local payment offering, ensuring users can transact using the methods they know and trust. With PayU, customers in these high-growth digital markets can now make instant deposits into their MiFinity eWallet using local bank transfer options, all within a seamless and secure experience. Paul Kavanagh, CEO of MiFinity, said: 'We're excited to add PayU to our growing list of local payment integrations - over 80 and counting. By offering trusted, regionally preferred options, we make it easier for customers to engage with their favourite digital services - and that drives real value for our merchant partners. This integration reflects our commitment to local relevance, seamless user experience, and helping merchants maximise customer acquisition and retention in these markets.' Helping Merchants Grow by Localising the User Payment Experience In competitive verticals like iGaming, Forex, and digital commerce, giving users familiar and trusted payment options is key to optimising conversion and customer lifetime value. MiFinity's localisation strategy supports merchants by offering a wide range of local payment methods that make it easy for users to deposit funds into their eWallet - removing barriers at checkout, reducing drop-off, and building loyalty with users who expect payment options tailored to their geography and preferences. The integration of PayU allows users in Poland and the Czech Republic to fund their MiFinity eWallet using their preferred local banks. This means merchants working with MiFinity can better engage customers in these high-growth markets by offering a more relevant, convenient and trusted payment experience. Continuous Expansion, Global Vision PayU is the latest addition to MiFinity's 80+ integrated payment methods, and part of a wider commitment to providing the most flexible, localised payment experience on the market. MiFinity's roadmap includes further geographic and platform expansion throughout 2025, designed to help merchants grow internationally without compromising the local experiences their users expect. For merchants, it's a win-win: more ways to reach and retain customers in key markets, and a partner in MiFinity who is as focused on growth and engagement as they are.

Pay by bank becoming a frequent option when shopping online - should you use it?
Pay by bank becoming a frequent option when shopping online - should you use it?

Daily Mail​

time28-05-2025

  • Business
  • Daily Mail​

Pay by bank becoming a frequent option when shopping online - should you use it?

When shopping online the option to 'pay by bank' to purchase goods has become a frequently common sight in recent years. The payment method has been growing steadily in the UK and across Europe, with transactions using the technology tripling in the three years to 2024. Retailers from Papa Johns to Ryanair now offer the service, while NS&I pushes it as the main option when buying Premium Bonds, as firms continue to adopt the technology. In 2025, some 25million pay by bank transactions are processed every month, and this is likely to continue growing. However, as with any new system, there are concerns that pay by bank isn't an effective replacement for traditional methods, and doesn't have the same protections in place. Critics argue pay by bank is technically just a bank transfer, whereas a debit or credit card transaction offer Section 75 protection or a chargeback protection. So what is pay by bank, why is it becoming so popular and should you be wary about using it? A payment revolution Pay by bank allows customers to pay directly through their bank account, using their login credentials – often including biometrics such as fingerprint or facial recognition - to verify a payment. Unlike traditional payment methods, pay by bank cuts out the need to for so many middlemen in the payments process. Sweden-based Brite Payments - one of a number of firms offering the technology, alongside others such as TrueLayer, Finexer and GoCardless - says pay by bank offers a more efficient alternative to other commonly used payment methods. Lena Hackelöer, founder and chief executive of pay by bank provider Brite Payments, told This is Money: 'Payments are still relatively complex and they're still relatively expensive. 'The reason why pay by bank is more efficient is quite simply that there's fewer partners involved in any given transaction. It can be as few as the payer, bank and the merchant themselves.' In comparison, credit card transactions go through issuers, acquirers, card networks and payment gateways. For retailers, this means that adopting pay by bank significantly cuts down the fees they pay on each transaction and also often gives them faster access to the funds. In some cases, this also means cheaper prices at the checkout. Hackelöer added: 'Travel bookings, for example, are typically quite expensive to handle on credit cards. 'You'll often see positive discrimination, for pay by bank. 'There will be a surcharge for credit cards and for PayPal and for buy now pay later, and then you'll have a free payment method which will often be pay by bank.' However, there are other benefits to the consumer. The main benefit of pay by bank for users, Hackelöer says, is the ease of use. It requires just access to an online banking app, something 87 per cent of British adults use, and requires no sign up and no need to remember payment details. She said: 'What you use is typically the same credentials that you would use to log into your online bank, which is something that people have top of mind. 'A lot of people do not have their credit card with them or they don't know their credit card details by heart.' Verification via your banking app also means that pay by bank is a particularly secure way to pay online. Unlike card payments, it is very difficult for you online banking details to fall into the wrong hands. 'Credit cards can be lost, details can be subject to a phishing attack or you could even have them read when you're using an ATM,' Hackelöer added. She added: 'At Brite we process billions of euros worth of payments at this point, and fraud is almost as almost not a topic for our merchants. The majority of our customers have never seen fraud with pay by bank.' Are there protections - what if I have a problem the retailer? For purchases made using credit cards and debit cards there are protections in place in case something goes wrong. Consumers are protected by section 75 for credit cards and chargeback protection for debit card payments. It is the fact that pay by bank doesn't have these protections in place that raise concerns among critics of the technology. Hackelöer's response to these concerns is that with any reputable pay by bank provider, these issues should be few and far between. She said: 'This is a very UK-centric debate. It's incredible, we don't see this in any of the other large account markets, it's very UK specific. 'When does the chargeback reasonably occur? There can be multiple reasons for chargeback. One can be that there's fraud. 'With pay by bank, the fraud rates are a lot lower, and therefore there is less of a need for chargeback.' She added: 'But assuming the chargeback is justified, if something went wrong with the payment or goods, if you turn to the pay by bank provider, we will advise you on your specific case. 'We have a customer service team and we're always a branded alternative in the checkout because we believe that consumers expect there to be a third party to turn to if something goes wrong.' The key, Hackelöer says, is that pay by bank providers are incentivised to only work with merchants that provide good service to customers. She said: 'We only want to work with merchants that have the ambition to satisfy customers, or else we end up losing money because with are going to have to handle those errors and we need to care about the average cost per transaction.' 'We choose our customers carefully,' she said. Firms using Brite must sign a contract with the platform, and will be assessed on how they deal with customers. She added: 'if we a retailer that, again and again, has dissatisfied customers and we then have to get involved, we're unlikely to work with them in the long term. 'Pay by bank providers are inherently incentivized to make sure that their customers offer good service because otherwise it's their brand on the line.' In fact, Hackelöer argues that the absence of chargebacks can be seen as a positive. So-called 'friendly fraud', when a customer disputes a legitimate transaction in order to get a refund, is a growing problem. Lexis Nexis data reveals that friendly fraud accounts for half of per cent of fraud reported by firms, meaning that globally the industry is losing over $100billion each year as a result.

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