Customer Experience

Moneyhub teams with Samsung on open banking self-serve kiosk

Image courtesy of Samsung Electronics.

March 21, 2022

Moneyhub, a payments platform, has teamed with Samsung to facilitate open banking payments on a retail self-service point-of-sale kiosk, according to a press release.

The kiosk will be used by quick-service restaurants, retail stores, stadiums and other hospitality venues.

Customers pay by bank transfer by scanning the QR code with their mobile phone from the screen, sending funds directly from their bank account to the merchant's account without the need to share their credit or debit card details.

Payments are received instantly, at less than 1%, which is less than up to 5% retailers can pay using credit cards.

As payments are initiated via the customer's bank, it complies with the U.K.'s Financial Conduct Authority's Strong Customer Authentication standard which recently became effective.