Tink Celebrates 10,000 Merchant Milestone at Pay360
In an exclusive interview with FinTech Magazine at Pay360, Ian Morrin, Head of Payments at Tink, and CEO of UK Operations, discusses the company's remarkable growth trajectory and the evolving landscape of open banking payments.
Tink has revealed a significant milestone in its open banking journey, with 10,000 merchants now using its Pay by Bank service via payment service provider (PSP) partnerships and processing approximately US$108m in daily payment initiation services.
This rapid adoption reflects a maturing market where both merchants and consumers are becoming increasingly comfortable with bank-based payment methods, according to Ian.
“Merchants have become much more thoughtful in how they're buying and deploying Pay by Bank,” says Ian.
“Three years ago, there was a rush to market with many saying 'we must have Pay by Bank', but without clarity on implementation.
“Now merchants approach us with specific flows where they believe Pay by Bank can better engage their customers or capture valuable data. When deployed thoughtfully, we see volumes grow organically.”
Overcoming implementation challenges
As open banking payments continue to gain traction, Tink has gained unique insights into the challenges merchants face when integrating new payment methods.
The primary tension, Ian explains, lies in balancing simplicity with security.
“The challenge with any payment method is making something simple and easy—almost invisible—whilst also maintaining the security and trust needed. That's been a tension the industry has been working through over the last couple of years,” Ian notes.
Tink has invested significant resources into addressing these challenges, working closely with merchants to develop appropriate messaging and user flows that build consumer confidence.
Its approach focuses on creating intuitive experiences that don't compromise on security.
“We've worked really hard with merchants to build trust,” says Ian.
“There are things we can do from an awareness perspective, but we've also focused on optimising our flows to give consumers confidence in the process.”
“What we're seeing is that when the implementation is thoughtful and addresses real consumer needs, both merchants and consumers become more comfortable with the technology"
Building consumer trust through innovation
One of Tink's key innovations has been creating smoother returning user journeys, particularly in European markets where Strong Customer Authentication (SCA) requirements add complexity to the payment process.
“If you look at some of the work we've done around making returning user journeys smoother, particularly in Europe, we've developed systems that recognise returning customers and present familiar information.
“This allows us to combine SCA compliance with a much simpler user experience,” Ian explains.
This focus on streamlining the authentication process while maintaining security has proven crucial for building trust and encouraging repeated use of open banking payment methods.
Looking ahead, Tink is positioning itself to capitalise on evolving consumer preferences, particularly among younger demographics who increasingly expect seamless digital payment experiences.
“What we're seeing is that when the implementation is thoughtful and addresses real consumer needs, both merchants and consumers become more comfortable with the technology.
“The growth we're experiencing now is just the beginning of what open banking payments can achieve when done right," says Ian.
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