Nuapay boosts Open Banking payments with Their Perfect Gift and K Wearables

By Megha Bhattacharya

Nuapay announced today that it has been selected by Mastercard prepaid providers, Their Perfect Gift and K Wearables, to enable consumers to use Open Banking payments in the lead up to Christmas. The integration with Nuapay will enable the companies’ customers to pay via their mobile app providing faster access to cash and reducing processing costs for Their Perfect Gift and K Wearables.

“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” commented Nick Raper, Head of Nuapay UK. “Endorsement from leading prepaid card programmes such as Their Perfect Gift and K Wearables 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.”

Their Perfect Gift is an open-loop gift card that can be used at places accepting Mastercard. The partnership will see Nuapay’s open banking payment service be integrated into its online check-out, enabling gift-givers to purchase a flexible gift card, without using their credit or debit card.

K Ring, developed by K Wearables, is a contactless payment ring powered by Mastercard. It aims to eliminate the need to handle cash or touch a card PIN pad for purchases under £45. The company’s partnership with Nuapay will enable customers to top up their K Wearables prepaid Mastercard using Open Banking payments.

Thish De Zoysa, Co-founder and CEO of Their Perfect Gift, added, “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.”

Philip Campbell, Founder of K Wearables, commented, “A great product is one that is a step ahead of consumer expectations and other offerings, and by enabling our customers to top up their K Rings using Open Banking, we are once again setting a new standard for the payment wearables industry. We select our partners carefully in order to maintain competitive advantage, and Nuapay fits the bill perfectly. By integrating Nuapay’s Account-to-Account solution into our top up process, we are continuing to make payments increasingly seamless and ultimately invisible.”