Today, Wirecard and Mastercard made Pay by Bank app, a fully digital payment solution, available to all Wirecard merchants in the UK.
Pay by Bank app was created by Vocalink, a Mastercard company, and it enables people to make ‘digital debit’ payments for goods and services via their banking app, with payment made directly from their current account. From today, Wirecard online merchants will be able to integrate Pay by Bank app into their checkout pages, offering this new payment method to their customers.
With this, the process becomes quick and seamless, with no need for a separate PIN, password or a card number. Transactions take place in real-time and shoppers can see their account balance before making the payment. Each Pay by Bank app payment is made directly from the bank account and uses secure digital ‘tokens’, meaning you never reveal any financial details. Crucially, verification is handled by the existing, trusted bank app.
Wirecard’s mobile payment app, boon, will be the first digital wallet to use Pay by Bank app as boon users can load funds in real-time and straight from their Pingit banking app - the new version of the app will be made available to consumers soon.
Jon Wood, Chief Commercial Officer, Pay by Bank app at Mastercard, said: "Pay by Bank app is set to shape the future of online and mobile shopping, as more banks and merchants offer this as a payment option to shoppers, and as more UK banks make Pay by Bank app available to millions of customers. We’re pleased that Wirecard becomes the first business to offer this capability at both ends of the spectrum, both as a card issuer and an acquirer. Mastercard remain committed to transforming the payments landscape with this fast, secure and convenient new way to pay. More banks will be offering this to their account holders in 2018, including HSBC.”
Georg von Waldenfels, Executive Vice President Consumer Solutions at Wirecard, said: “Wirecard and Pay by Bank app are a convenient match for consumers and merchants wanting to use entirely mobile, digital and secure payment solutions. We’re delighted to be working together with Mastercard to deliver a state-of-the-art experience to millions of consumers.”