Worldpay and Mastercard partner for UK digital payments push
Worldpay and Mastercard have teamed up as they search out more action in the UK’s digital payments market.
Under the partnership, Worldpay will offer the Pay by Bank app to merchants starting in early 2019.
Created by Mastercard’s Vocalink business, the app lets customers of UK businesses make online payments for goods and services via their banking app, and directly from their bank account.
Mastercard says Worldpay has a strong market share in the UK, so the deal will “significantly” increase the opportunity to widen online retail acceptance for the Pay by Bank app, and “diversify its business” beyond its existing card network in the UK.
Mark Barnett, president of Mastercard in UK, Ireland, Nordics and Baltics, says. “We’re maximising each other’s ability to provide the choices in fast and convenient ways to pay.”
Worldpay will also support EMVCo’s Secure Remote Commerce (SRC) framework to provide consumers.
According to the duo, Worldpay joins Mastercard and other firms in developing a single, common checkout button. While this service is developed, Worldpay will continue to support its clients with Masterpass and other e-commerce solutions.
Additionally, Worldpay will use the Mastercard Digital Enablement Service which replaces a card’s primary 16-digit account number with an alternative card number, or token, for the security of online, in-app and digital payments.
If that’s not enough for you, Worldpay states that it will also enable Mastercard MoneySend to “expand functionality” for its push-to-card disbursement solutions, including FastAccess for merchant settlement.
With this solution in place, the duo explains that Worldpay merchants can receive settlement payout to Mastercard debit cards “within minutes – rather than the typical one to three days via ACH”.
Master-mind
Mastercard has been keeping busy as usual.
Last week, the UK’s Faster Payments service experienced issues with its central infrastructure causing delays to payments sent during that time. Mastercard was affected in all that.
Also last week, Strands and Mastercard teamed up to provide issuing banks with an integrated platform of digital cash management and commercial payment tools designed for SMEs.
While last month, Poland’s Alior Bank partnered with solarisBank, Raisin and Mastercard to unleash a pan-European digital bank.
