Nuapay enables Open Banking for Their Perfect Gift and K Ring as Christmas shopping ramps up

Nuapay has been chosen by two leading Mastercard prepaid providers, Their Perfect Gift and K Wearables, to enable consumers to use Open Banking payments in the lead up to Christmas.

Their Perfect Gift is an “open loop” gift card which can be used anywhere that accepts Mastercard. The Nuapay FCA-licenced Open Banking payment service, now integrated with Their Perfect Gift’s online check-out, enables gift-givers to purchase a flexible gift card without using their credit or debit card.

Developed by K Wearables, K Ring is the world’s first contactless payment ring, powered by Mastercard and accepted at over 40 million retail locations worldwide. K Ring is safe and convenient to use, as it eliminates the need to handle cash or touch a card PIN pad for purchases under £45. The company’s partnership with Nuapay means that consumers will now be able to top up their K Wearables prepaid Mastercard using Open Banking payments.

Consumer retail experts at Mintel predict that both technology products and gift cards will be popular gifts this year.

Working with Nuapay brings significant benefits to Their Perfect Gift and K Wearables.  It enables their customers to pay seamlessly via their mobile app, while providing faster access to cash and reducing processing costs for Their Perfect Gift and K Wearables.

The Open Banking payments are also completed using SCA-compliant authorisation, and without a merchant needing to collect card payment details, thereby reducing the costs of card fraud and chargebacks. This makes it a compelling payment acceptance option for financial service providers of prepaid, credit and e-wallet accounts, and as such the sector is becoming one of the leading adopters of Open Banking payments.

With customers looking towards quicker and easier ways to pay for their Christmas shopping the K Ring is a subtle and safe way to pay, without carrying a card.