Moneyhub teams up with Samsung for "world's-first open banking self-service payments"

Moneyhub has struck a deal with Samsung claiming to facilitate the “world’s first open banking payments on a retail self-service point-of-sale (POS) Kiosk”.

The "sleek" and "compact"  kiosks will be used across sectors including quick-service restaurants, retail stores, stadiums, and other hospitality venues.

Open banking platform Moneyhub said open banking payments are lower cost for merchants compared to debit and credit cards.

“Merchants can pay up to five per cent of their revenue to card providers to process payments, whilst open banking payment fees are less than one per cent of the transaction value,” it said.

Moneyhub’s technology enables Samsung Kiosk users to manage their payments by scanning the QR code with their mobile phone from the screen.

Sam Seaton, CEO, Moneyhub said: “Payments is the new frontier for open banking and it is thrilling to see another necessary and impactful business case that brings together the quality of the Samsung Kiosk, with the benefits of this new and exciting way to pay."

Damon Crowhurst, head of display, Samsung said: “Implementing the open banking solution on our kiosk platform helps our customers drive increased profitability, through efficient, scalable and cost-effective solutions that are applicable for retail businesses of all sizes.”