Topps Tiles x TrueLayer: launching instant bank payments
Topps Tiles, the UK’s number one tile specialist founded in 1963, is a household name with over 300 stores nationwide. The well-known retailer always aims to provide an inspirational shopping experience and an unrivalled product range, coupled with exceptional convenience — a philosophy that crosses over onto its online store.
Part of that drive to deliver exceptional convenience is the all-important payment journey. With that, the team at Topps Tiles have partnered with TrueLayer to offer open banking-powered instant bank payments both online and at point of sale in-store.
Future-proofing payment infrastructure
The introduction of a new alternative payment method came as Topps Tiles focused on future-proofing its payment infrastructure to offer the best payment experience, regardless of how customers choose to shop.
Customers can now pay for their purchase using an open banking payment, with a smooth user experience that removes the need to input lengthy card details. By selecting the instant bank transfer option at checkout, customers quickly and securely authenticate the payment directly using their banking app.
“We chose to partner with TrueLayer as it offered — and has provided — everything we needed from open banking technology. We’ve been able to build our new instant bank transfer option, both online and in store, in a matter of weeks.
Sian Garvey, Director of Marketing, Topps Tiles
As well as offering an alternative to card payments online, the new payment option makes Topps Tiles the first major UK retailer to offer open banking as an in-store payment option, available as a payment option in its 300 stores across the country.
A powerful alternative to card payments
In addition to the seamless user experience of instant bank payments, TrueLayer’s technology also offers instant refunds, which customers now expect as part of the buying experience. In fact, 67% of shoppers say the time taken to receive a refund is an important factor when buying online.
Topps Tiles will also benefit from reduced card-not-present and chargeback fraud, a concern across the retail industry, as instant bank transfers bypass debit and credit card networks and other intermediaries.
“This new payment method at checkout adds a modern and seamless alternative option for our customers, and we’re excited to continue working with the team at TrueLayer.
Sian Garvey, Director of Marketing, Topps Tiles
Retailers beginning to take note of open banking
While the addition of instant bank payments marks Topps Tiles as an early adopter of this alternative payment method in the retail space, it certainly won’t be the last to make use of open banking technology at checkout.
There are already over 7 million users of open banking in the UK alone, along with 9.5 million payments made using open banking every single month. And this uptake has seen retailers take note. 74% of UK retailers include open banking in their long-term strategy, not only to meet consumer demand but also to take advantage of reduced fraud, instant settlement and lack of chargebacks.
Topps Tiles and TrueLayer in the press:
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