Mastercard and NatWest Group have announced a partnership to bring in faster, reliable, and more secure online payments for its users by the launch of the Pay by Bank app to its platform.
The new feature would be available across all the brands of the NatWest Group that includes NatWest, Royal Bank of Scotland, Ulster Bank, and Coutts. This is a new feature that would let the users make very quick and secure online payments from within their mobile application without the need for a separate login or a separate app for that matter. The companies are also planning to add more features so that the users would be able to pay for subscriptions and also opt for deferred payments in the coming months.
Salim Secretary, Head of Payment Schemes and Partnerships, NatWest Group: “At NatWest, we are committed to offering our customers a choice of ways to pay that best suit their individual needs. We are pleased to be expanding our relationship with Mastercard to offer Pay by Bank app as another option for our customers to pay – offering additional choice and convenience.”
Digital payments have taken over the payments industry over the last couple of years and this has made many banks and other financial firms scramble and upgrade their systems or launch partnerships with other fintech companies to provide the latest features to t6heir existing users or risk losing them to their competitors. The competition has also increased in the payments industry during this period and it is no longer the realm of the very few companies which had a lot of funds at their disposal. This is the reason why we have seen these 2 partners come together to launch this digital payments platform.
Suren Nawalkar, Senior Vice President, Consumer Applications at Mastercard, said: “Pay by Bank app is the next evolution in online payments, and this partnership with NatWest will make it available to even more people across the UK. The pay by Bank app not only makes online shopping easier and more secure, but the real-time payments and account balance updates give users greater oversight of their finances – something increasingly important during the current economic climate. Its integration with existing banking apps also removes friction for shoppers when having to download additional apps or enter new login details.”
The partners would hope that the addition of this app and the constant and regular update of the platform would continue to keep the users engaged with the companies in the future as well and thus fend off the increased competition.