Deutsche Payment today announces its collaboration with Token, the leading Open Banking enabler for Europe's payments industry, and the subsequent launch of PayThisWay powered by Deutsche Payment: a solution for account-to-account payments and Open Banking that enables fast, smooth, cost-efficient, and secure direct payments between accounts. Significantly accelerating Berlin-based Deutsche Payment’s growth path, PayThisWay is underpinned by Token’s Open Banking platform and connectivity.

Deutsche Payment’s vision is for a cashless society where all consumers can access convenient, secure, and cost-efficient digital payment methods. Payments should constitute a positive touchpoint within the customer journey — not just the completion of a purchase. PayThisWay perfectly matches and represents this vision. Open Banking and account-to-account payments are megatrends of the payment universe, with tremendous growth rates in Germany and Europe. 

Open Banking payments are predicted to exceed USD 116 billion in 2026, from just under USD 4 billion in 2021, representing a staggering 2800% increase in five years. Increased consumer awareness will contribute to this take-up, with Europe leading the way and expected to account for 75% ($87 billion) of the total in 2026.

Traditional payment methods such as cards and cash-on-delivery continue to lose share and are projected to account for less than a third of global e-commerce transaction value within the same period.

In line with Deutsche Payment’s ambition to shape technology trends, PayThisWay is a valuable addition to its innovative and future-focused portfolio.

Commenting on the significance of this launch, Deutsche Payment CEO Alexander Herbst said:

“Open Banking and account-to-account payments are showing substantial growth rates and will play a central role in the payment method mix in the future, particularly in Europe. PayThisWay powered by Deutsche Payment is, therefore, a significant milestone in Deutsche Payment's growth path - to become a leading company in the business segment of cashless payments in the German and European markets."

CEO Todd Clyde at Token added:

“We’re honored to power Open Banking payment solutions with Token’s leading platform. Deutsche Payment’s launch shows that demand for Open Banking-powered payments continues to grow steadily at all levels of the payments value chain in Europe. We look forward to seeing Deutsche Payment’s PayThisWay solution enable high-converting, low-cost payments while delivering an exceptional user experience for consumers in Germany and beyond.”

In Token, Deutsche Payment found the perfect partner, with the substantial experience and expertise required to realise the potential of Open Banking and become a leading provider in the German and European markets. 

With best-in-class Open Banking connectivity for PIS and AIS in the UK and Europe, Token’s turnkey and whitelabel-ready platform are uniquely designed to enable payment providers like Deutsche Payments to efficiently launch and manage Open Banking-enabled account-to-account payment propositions. Token’s connectivity network reaches over 210 million potential end-users of Open Banking payments. The company is now processing tens of millions of open payments annually for over 80 payment service providers, gateways and banks.

Recent research from Token illustrates an exceptional consumer appetite for Open Banking-enabled account-to-account payments in Germany, where 85% of consumers report they are likely to use this agile payment method in the future.