Push Payments
A push payment is a type of transaction where the payer actively initiates the transfer of funds to the recipient. This contrasts with pull payments, where the payee requests or withdraws funds. Push payments are commonly used in Faster Payments, CHAPS, SEPA Instant and Credit Transfer, and card transactions where the sender authorises the payment. Modulr enables businesses to leverage push payments for faster, more secure, and automated transactions, improving cash flow and operational efficiency.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
