Global payments platform Worldpay has formed a partnership with Mastercard to help establish a new payment standard with Pay by Bank app.
The aim of the new deal is to expand acceptance options in the UK and make digital payments even more secure and convenient. Under the partnership, Worldpay will offer the Pay by Bank app to merchants in the UK early next year.
Created through Mastercard Vocalink business, the app enables UK businesses to complete online transactions via their banking app. By partnering, Mastercard is able to broaden the online retail acceptance of its Pay by Bank app, which will increase the distribution of the service and spread its offering beyond its card network.
Worldpay chief strategy and marketing officer Kevin McCarten said, “Through this partnership, Worldpay and Mastercard will help expand payments acceptance options for U.K. consumers and retailers by leveraging account-to-account payments technology with Mastercard’s ‘Pay by Bank’ app.
“This combined with our joint efforts in making digital payments even more convenient and secure globally creates a powerful partnership that benefits all payments stakeholders.”
Alongside the support of Pay by Bank, Worldpay will support EMVCo’s Secure Remote Commerce framework to bring consumers a consistent online payment experience. Joining Mastercard and other payment providers, the companies are working together to create a single, common checkout button.
Mastercard president in U.K., Ireland, Nordics & Baltics Mark Barnett said, “This is the latest way we’re able to deliver on consumer’s expectations, whether they’re shopping online or paying for utilities.
“We’re maximizing each other’s ability to provide the choices in fast and convenient ways to pay. In particular, ‘Pay by Bank’ app is set to play a big role in U.K. digital commerce, as more banks and merchants offer this as a payment option to millions of their customers.”
As part of the deal Worldpay will utilise Mastercard Digital Enablement Service, which replaces the 16-digit account number with an alternative card number, boosting online security. The company will also enhance the Mastercard MoneySend service which will enable Worldpay merchants receive settlement payout to Mastercard debits within minutes not days.
Earlier in the month, Mastercard partnered with FinTech software developer Strands, to launch a new cash management solution for SMEs.
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