Wednesday, October 10th, 2018
Worldpay To Roll Out Mastercard’s Pay by Bank App for E-Commerce
By early 2019, UK customers of global payment processor and leading merchant acquirer throughout Europe, Worldpay Inc., will have access to MasterCard Inc.’s Pay by Bank mobile and online payment applications, as well other digital services offered by the credit card company. Worldpay customer services also will include using other MasterCard digital services.
By working together, Worldpay and MasterCard hope to expand payment acceptance options for UK businesses and consumers.
What is Pay by Bank?
MasterCard acquired the London-based payment technology developer, Vocalink, in May 2017, which created Pay by Bank. Pay by Bank enables customers of British businesses to pay for goods and services via their banks’ mobile-banking app or online service, with funds coming directly from their bank accounts. Vocalink made a name for itself by developing the UK’s Faster Payments service. Vocalink’s technology is a major part of the Real Time Payments system, which allows transactions to happen almost instantly.
Partnership May Mean Big Boost for Pay by Bank
This partnership is expected to give Pay by Bank’s distribution a major boost, considering Worldpay’s current customer reach. When the former London-based Worldpay Group plc merged with Cincinnati-based processor Vantiv Inc. in January, it had 400,000 merchants. The newly-combined companies took the Worldpay name, resulting in an even bigger pool of merchants. Though the exact number is unknown, it is projected at about 1.2 million merchants globally. All of these factors are good signs that Pay by Bank will benefit from the partnership.
Worldpay’s Future Plans Include More Markets
As time goes by, Worldpay plans to bring Pay by Bank to more markets. The acquirer does not have a time line for expansion. However, the app will be rolled out in other European markets, as well as in the U.S., based on consumer and merchant needs.
Needless to say, Worldpay and MasterCard aim to maximize these capabilities by giving people faster, more convenient ways to pay for goods and services. With this in mind, both companies believe the Pay by Bank app will play a significant role in the way payments are taken within the UK digital commerce sector.
Additional Worldpay News and Updates
Additionally, Worldpay plans to support the Secure Remote Commerce initiative passed down from payment standards body, EMVCo. If the initiative gains momentum, it may replace numerous network buy buttons on online stores with a common button.
In addition to it offering UK customers Pay by Bank, Worldpay will be using Mastercard’s Digital Enablement Service. The service offers tokenization of account numbers, as well as the Mastercard MoneySend system, which moves payments in near real time.
The Final Say
Providing more payment options, especially ones that are faster and more convenient, will continue to be fluid. Processors that continue to improve and evolve through partnerships and other moves will remain on the cutting edge.
Finding out if Worldpay or another processor is right for your business can be overwhelming when you don’t have all of the facts. Best Payment Providers (BPP), which is an experienced comparison company, can help. BPP takes the guesswork out of finding the best accounts, tools, and pricing in the payments industry by guiding you through the process. It reviews contracts, rates, and fees and does not charge you anything for doing the work.
Discovering the right processor is a lot of work when you are not what to look for. Let BPP help find what’s best for you.