Mastercard and Worldpay sign landmark deal

Mastercard has announced a partnership with payments technology firm Worldpay, focused on expanding acceptance options and making digital payments more convenient and secure.

Through the partnership, Worldpay will offer Mastercard’s Pay by Bank app to merchants in the UK starting in early 2019. Pay by Bank enables customers of UK businesses to make online payments for goods via their mobile banking app, directly from their bank account.

“Through this partnership, Worldpay and Mastercard will help expand payments acceptance options for UK consumers and retailers by leveraging account-to-account payments technology with Mastercard’s Pay by Bank app,” said Kevin McCarten, chief strategy and marketing officer at Worldpay.

Worldpay will also support EMVCo’s Secure Remote Commerce (SRC) framework to provide consumers with a consistent online payment experience. Several industry players are collaborating to develop a single, common checkout button.

Worldpay will also enable Mastercard’s MoneySend to expand functionality for its push-to-card disbursement solutions, including FastAccess for merchant settlement. With this expanded solution, Worldpay merchants can receive settlement pay-out to Mastercard debit cards within minutes.

Mark Barnett, president of Mastercard in UK, Ireland, Nordics and Baltics, concluded: “We are 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 UK digital commerce, as more banks and merchants offer this as a payment option to millions of their customers.”

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