As online shoppers constantly look for flexible ways to pay, WorldPay partners with Mastercard to offer UK’s eCommerce businesses a new payment method their customers will surely love.
The payment processing company will make Mastercard’s Pay by Bank, an application developed by the latter’s Vocalink business, available to online retailers by early 2019.
Once integrated into the checkout page of an eCommerce store, Pay by Bank will enable customers to make debit payments for goods and services through their mobile banking app, and directly from their bank account.
As to how the partnership can potentially improve the eCommerce cycle, Mark Barnett, president for Mastercard UK, Ireland, Nordics and Baltics, 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.”
WorldPay on their part fully support the Secure Remote Commerce (SRC) system of EMV companies as it aims to develop a single, common checkout button that would replace various buy buttons currently available on eCommerce sites.
But while waiting for it to come to fruition, they’re going to take full advantage of the Mastercard Digital Enablement Service, which substitutes a customer’s bank account number with a unique identifier dubbed tokens.
It’s nice to have companies that bring the future of digital payments to the fore. So, what are your thoughts on the Pay by Bank app?
We’d love to hear from you in the comments below.
To your continued success,
Dave & Matt