Brite Payments rolls out instant payments in Germany

Brite Payments has launched its instant payments offering in Germany as part of its European expansion, having already established a presence in the Nordics, Baltics and Benelux.

The Swedish fintech has rolled out its full solution in Germany with the launch of both instant account-to-account (A2A) payments and payouts, marking its most significant market expansion to date.

“We now offer a complete solution to the German market – covering instant payments in addition to instant payouts – and can serve the needs of even more merchants and businesses,” said Lena Hackelöer, founder and chief executive officer, Brite Payments.

Lena Hackelöer, founder and CEO of Brite Payments

“2024 is the year that A2A payments, or Pay by Bank, looks set to enter mainstream consciousness, and as the EU’s most populous country and the third-largest economy in the world, Germany represents enormous untapped potential.”

Brite Payments uses its own proprietary network, Brite Instant Payments Network launched in May 2023, for instant processing and to circumvent the “fragmentation that currently exists within Europe’s real-time payments landscape”.

Recent research by Brite and YouGov, and published in March, found that 67% of Germans are already familiar with Pay by Bank or A2A payments, which is “significantly less” than in the Netherlands, UK, or Spain, but shows that awareness is growing.

According to the findings, Pay by Bank is used at least monthly for online purchases by 38% of Germans, which is the same as credit cards, though lagging digital wallets (53%).

However, 40% of Germans indicate they are willing to try new forms of online payment, substantially higher than the UK at 34%, and France, where 33% demonstrated a willingness.

Hackelöer added that far from being a laggard, it shows the German market has huge growth potential for instant bank payments.

“Familiarity with bank transfer payment methods is already high, indicating a market that is primed for adoption of our user-friendly instant payments,” she said.