Lithuanian payment start kevin. has released a new product for merchants that switch customers from card payments to account-to-account payments at checkout.
Customers who start paying with their card can stop using their bank account, a method that is up to 90% cheaper for sellers.
Pavel Sokolovas, founder and COO of kevin., Says: “In Europe, up to 80% of all online payments are made with debit cards. And behind each debit card there is an account, which means that these payments can be made directly from accounts.”
At check-out, kevin.s software identifies the related bank account after the customer has entered the first eight digits of their card number.
“If it is a debit card, we give the customer the opportunity to switch to a bank payment and explain that this is faster, safer and easier,” says Sokolovas. “In fact, our method requires at least two fewer steps than a regular online card payment, without having to enter the cardholder’s name, expiration date or CVV number. With no card and CVV, this flow is much more secure for customers.”
The company says that in closed beta testing, ten percent of customers chose to switch from debiting to A2A payment.
The product launch comes after kevin. announced a seed increase of EUR 1.5 million, which meant a total initial investment of EUR 3.4 million. Founded in 2018 and currently operating in Finland, Sweden, Estonia, Latvia, Lithuania, Poland, Portugal and the Netherlands, it plans to offer its payment infrastructure to customers in a further 14 European markets until 2022.