Payabl makes instant payments available to merchants with collaboration

European paytech payabl has teamed up with instant bank payment solutions provider Zimpler, as instant payments continue to grow in popularity.

Via the new direct integration with Zimpler – which has one of the highest bank coverages in the Nordics – payabl’s merchants will be able to offer customers the option to pay by instant bank transfer at checkout.

Zimpler uses Open Banking APIs to initiate account-to-account (A2A) payments, removing the need for intermediaries, and processes €2.6 billion for its partners each year.

Juniper Research has forecast that the instant payments market will grow by 161% to surpass $58 trillion globally by 2028, driven by A2A wallets and Open Banking payments.

In its latest report, ‘How Open Banking is Energising P2P Instant Payments’, it values the instant payments market at $22 trillion in 2024.

“Instant payments are surging in popularity worldwide and are set to become the norm in the next couple of years,” said Igor Skachkov, chief product officer at payabl, which serves more than 500 merchants across Europe and the UK.

“Payment providers, like Zimpler and ourselves, have contributed greatly to making instant payments available to merchants and consumers and we’re proud of our new partnership, which will expand our reach even further.”

Zimpler connects companies with more than 350 million customer bank accounts in 25 markets across two continents and has a strong presence in Sweden, Finland, Estonia and Denmark.

“We are excited to offer access to efficient, secure, and fast payments to payabl.’s customer base,” added Zimpler’s chief executive officer Johan Strand. 

“Our passion lies in democratising access to best-in-class payment services for businesses with complex payment needs and high standards.”