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Open Banking

Open banking is a financial innovation that allows consumers to access and manage their personal banking data. One of the many benefits of this is a payment method provides the best of all worlds - the security of a bank transfer, the convenience and speed of a credit card, and no added fees!

This payment method is currently available in the UK, and all payments must be made in GBP.

What is it?

Open banking is the result of PSD2, enacted by the European Union, which requires banks to give their customers the ability to access their own personal banking data and also choose who they share that data with. This makes it easier for consumers to manage their own finances, forces banks to compete with other financial service providers, and helps facilitate faster payments with no bank fees.

Since open banking is about freedom and decentralization, naturally, we’re excited to offer you the option to buy coins using this method.

Want to learn more? Check out https://www.openbanking.org.uk/.*

How does it work?

  1. Choose Open Banking as the payment method:

    Payment_methods_UK.PNG

  2. You'll then be redirected to either your banking app or login page, depending on if you're using a cellular device or computer
  3. Once initiated, the payment should be approved within a matter of seconds! You'll then be redirected back to Coinmama and your coins will be sent out shortly thereafter
  4. Your coins will be sent out only after you've confirmed your wallet address via email.

If you don't have 2FA enabled, head over to your email inbox, read the message carefully, and click the link in the wallet confirmation email if the information is correct. Once you have confirmed your wallet, we usually send the coins within an hour, and you'll be able to see them as soon as the Blockchain has confirmed the transaction - this may take another 10 minutes or longer, depending on the amount of traffic on the Blockchain Network at the given time.

To read more about Blockchain confirmations and how they work, click here. To see the average confirmation time, check out this graph.

*Coinmama is not affiliated with openbanking.org.uk

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