Shoptet, the largest provider of e-commerce solutions in the Czech Republic, Slovakia, and Hungary, joined hands with Salt Edge, a leader in offering open banking solutions, to enable immediate payments and money transfers from account to account without the need to use a payment card. 

Analysis of the current state of the Czech payment ecosystem and the local e-commerce market demonstrates a significant fintech shift, that is just gathering pace worldwide. Shoptet’s data show that 34% of customers choose account-to-account transfer as a payment method, 31% – cash on delivery, 29% prefer card payments, and only 6% choose cash payment on the spot. And it becomes evident that in the coming years, account-to-account payments can transform the entire market.

Teaming up with Salt Edge and leveraging open banking-powered payments, Shoptet enables more than 30,000 Czech e-shops that use the Shoptet Pay payment gateway, to enjoy an instant payment experience. Salt Edge Payment Initiation solution helps Shoptet to integrate with more than 2,300 banks across Europe to offer merchants an affordable and faster payment option, eliminating the expensive card processing fees from payments. While the Account Information solution will help their merchant clients automatically reconcile payments. 

"The advantage of fintech and PSD2-enabled payments compared to current online bank transfers is, among other things, that funds do not go through any intermediary, the transfer takes place from account to account, and this results in considerable acceleration, simplification, and is completely safe. And we’re excited to partner with Salt Edge, being tied by a common goal to foster innovation and to offer the best payment experience." - Ondřej Buben, Head of Shoptet Pay.

"We’ve had with Shoptet an instant match in our goals to ease the lives of merchants and various other businesses, giving them the tools to innovate and grow. Open banking offers this flexibility, and we’re happy to assist Shoptet in empowering its clients with a safe and faster payment solution powered by open banking,"- said Erica Virlan, Vice President at Salt Edge.