Worldpay to bring MasterCard's Pay by Bank to UK merchants in 2019
Payment processor Worldpay has entered an agreement with MasterCard to offer the MasterCard Pay by Bank mobile and online payment application to Worldpay's U.K. merchants in early 2019, according to a press release.
Pay by Bank allows customers of U.K. merchants to pay for goods and services via their bank’s mobile-banking app or online service, with funds coming directly from their bank account. Shoppers can even see their account balance before finalizing the payment.
According to a press release, the solution completes transactions in real time without the need for a separate PIN, password or a card number. The technology uses secure digital tokens and verification is handled by the trusted bank app.
"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," Kevin McCarten, Worldpay chief strategy and marketing officer, said in the release. "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."
Worldpay will leverage MasterCard Digital Enablement Service for tokenization, and will also enable MasterCard Money Send for push-to-card disbursement. This will allow Worldpay merchants to receive settlement payout to MasterCard debit cards within minutes instead of the usual one to three days required for ACH transactions.