Stripe has launched its first Open Banking payment option for merchant customers across the UK and EU.
The online payment processor has partnered with Open Banking payments network TrueLayer to offer the new payment option on Payment Element.
Stripe's Payment Element is an embeddable UI components for checkout pages which is currently used by thousands of merchants.
It is designed to enable merchants to display relevant payment methods for a given customer and collect the necessary information to process a transaction.
The move comes after figures in July showed that 11 million monthly Open Banking payments were made in the UK.
Through the partnership, Stripe customers can now choose Open Banking payments as an alternative to card payments and avoid interchange fees.
Consumers will be able to select the Open Banking payment option at checkout, after which they will be redirected to TrueLayer’s payment page.
From here, they confirm their payment either within their bank app or online bank account.
Merchants are also able to issue instant refunds to customers via TrueLayer's Payments API.
The new option is now available across 21 countries, including key markets like France, Spain and Germany.
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