MyBank is an e-authorization solution that enables the users to make online payments safely and efficiently. Using the alternative channels, customers usually have to go through extensive identification and verification processes to ensure that the transaction is secure. MyBank links the customer’s bank account, which is already verified, with the business’s bank account and thus sidesteps the extensive verification process that saves a lot of time. In addition, the customer’s own data is protected this way as it is not shared with third-parties. Usually, the success of such products depends on how widely adopted they are. MyBank currently has more than 40 million users and over 10,000 contractualized merchants which gives additional convenience to the customers as they can use a uniform payment method at many different shops.
MyBank solves the data privacy issues for its customers
The process of paying with MyBank is very easy for the users as well. During the checkout, the customer simply has to select MyBank as a payment method and indicate their bank. The customer will then be transported to their personal portal, where the only thing they have to do is to enter their password. The payment details will be displayed automatically. For direct payments on the website, users usually have to enter these details manually. Furthermore, they have to trust the third party providers to keep their private data secure and not abuse it. After the customer goes through this process, they will receive a confirmation and the order will be placed. This process facilitates online shopping by a lot, which is why MyBank is a great solution in the modern world.
“The digital economy is growing at seven times the rate of the rest of the economy. The aims to help Europe’s citizens and businesses to get the most out of digital technologies. It is the first of seven flagships initiatives under Europe 2020, the EU’s strategy to deliver smart sustainable and inclusive growth,” – states the company and it is exactly this digital transformation that motivates its products. The main benefits of using MyBank are undeniably the convenience that it offers during online shopping and the security that comes with identity verification.