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MyBank’s transaction volumes exceed EUR15 billion record

Source: Preta

MyBank, the pan-European payment solution that allows users to shop and pay online via immediate bank transfer through their internet banking, closes out a record year reaching more than EUR 15 billion in terms of total transaction value.

The economic value of the transactions grew by 50% in just over six months and, concurrently, daily transactions saw a significant increase, reaching an average of EUR 19 million per day.

Increased use of MyBank was seen in all B2B and B2C industries, where the payment solution witnessed a strong continued rise. In terms of services purchased with the support of MyBank, the travel industry, which is known to be a driving force for the growth of the online market, registered a growth of 30% on an annual basis while utilities soared by 41% and telecommunications by 15%. In terms of products, the Tect/IT sector rose by 61%, Furniture and Home living by 36%, Fashion by 29% and Food&Grocery by 18%.

"In 2019, MyBank continued its upward path in a highly competitive and evolving landscape, where new consumer needs, new regulations, new technologies and new players are urging the market to thoroughly review financial services and business models" commented Giorgio Ferrero, CEO of PRETA, the company that owns and manages MyBank. “MyBank’s 2019 results encourage our modus operandi, where customer security and data protection meet usability to bring value to the users, ensuring a frictionless customer experience and helping merchants to grow thanks to the increased trust generated by MyBank".

Launched in March 2013, MyBank allows consumers to make e-payments directly from their internet banking, using their usual access credentials, with no sensitive data shared with third parties. Online purchases or payments can be completed in just a few clicks from any device, with immediate confirmation for buyers and sellers.

In 2020, MyBank will continue to be at the forefront of payment security and identity protection, with customer centricity at the core of its values.

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