Coinmama Teams up with TrueLayer to Enable Instant Payments

Cryptocurrency exchange Coinmama has partnered Open Banking platform TrueLayer to provide instant payments for customers across Europe.

The partnership aims to leverage TrueLayer's Open Banking payment system in order to minimise friction in crypto transactions and allow customers to benefit from an improved experience when purchasing cryptocurrencies. In essence, by removing the need to enter card or bank account details, the new system reduces the risk of errors and failed payments. 

When purchasing cryptocurrencies, users can just tap on the 'Instant Bank Transfer' option and confirm the payment by authenticating with their selected bank via biometrics. Furthermore, card-based fraud and chargebacks are minimised due to TrueLayer's payment authentication method, which also makes payments SCA compliant. The system will serve European and UK customers over the coming months. 

TrueLayer representatives revealed that consumer interest in cryptocurrencies is on a growing trend, and this brings an expectation for a frictionless experience. They also highlighted that European investors are missing out on investment opportunities because funds do not appear in their accounts quickly enough. The instant account-to-account payments system aims to improve Coinmama's customer loyalty figures through a more intuitive fiat on-ramp. 

Besides, Coinmama representatives emphasised that their partnership with TrueLayer is in tune with their vision of delivering an improved experience to their customers.

(Source: The Paypers)