Farfetch partners with Volt to offer shoppers instant payments at checkout
London, 18th September 2024: Volt, the global real-time payments platform, today announces that it has been chosen as the real-time payment partner to Farfetch, the global marketplace for luxury. The partnership will bring the power of open banking to Farfetch’s consumer base across the UK, Germany and the Netherlands, enabling their customers to make instant payments directly from their bank accounts.
With the real-time payments integration, Farfetch customers can now complete their payments in a few taps by simply choosing ‘Pay by Bank’ at checkout, selecting their bank, and approving the payment in their banking app through biometric authentication. Adding this payment solution to the checkout benefits the purchase experience and speeds up the settlement process, as real-time payments run on domestic instant rails, enabling immediate transfer of funds. Further, ‘Pay by Bank’ removes chargebacks and reduces card fraud risks, while card processing fees are also lifted.
Volt’s ‘Pay by Bank’ solution will be made available on farfetch.com and brownsfashion.com. Volt’s global approach and geographic coverage, as well as its far-reaching bank connectivity and streamlined payment experience, were the main factors for the choice made by Farfetch.
The adoption of real-time payment technology continues to grow worldwide, and data from Juniper Research predicts the value of global open banking payments to increase from $57bn in 2023 to $330bn in 2027 – with Europe accounting for over 75 percent of users globally. With this becoming a major revenue route for merchants, selecting the right real-time payment partner will be fundamental.
Commenting on the partnership, Kat Marangos, Vice President, Strategic Accounts at Volt, said: “We believe that real-time payments have a transformative potential for retail, enriching customer experience, reducing costs and adding security. This is particularly important for large-value purchases, so we are excited to see Farfetch leading the real-time payments revolution within the retail landscape. Known for its commitment to quality service and exceptional buyer experience, Farfetch sets a very high standard for us, and we are delighted to uphold this standard through our collaboration.
Mark Hobbs, Senior Director of FinTech Operations at Farfetch, said: “We’re pleased to partner with Volt, which provides our customers with secure, fast, and seamless additional payment options that enhance the online purchasing experience. Volt is dedicated to building the global real-time payment network and is a great partner for improving the payment experience.”
About Volt
Volt is building the global infrastructure for real-time payments. Our payment network is the first to unite domestic account-to-account schemes to a single interoperable standard. Scaling and enterprise businesses use it to accept real-time payments, initiate payouts and manage funds. Volt is headquartered in London, has offices in Berlin, Warsaw, Kraków, Sydney and São Paulo, and enables payments in 31 markets across the UK, the EU, Brazil and Australia.
About Farfetch
Farfetch is a leading global marketplace for the luxury fashion industry. The Farfetch Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and over 1,400 of the world’s best brands, boutiques, and department stores, delivering a truly unique shopping experience and access to the most extensive selection of luxury on a global marketplace.