MasterCard Partners With Retailers for Adopting Pay by Bank App

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

MasterCard Partners With Retailers for Adopting Pay by Bank App

October 19, 2019

Mastercard Logo - Bank AppMasterCard, the US-based payment and financial services provider has struck a deal with four UK based e-commerce retailers to offer a new payment solution created by its wholly-owned subsidiary Vocalink. The service – Pay by Bank App is a new feature which will be made available via the retailer’s payment page and is a secure and easy way for customers to pay from their current bank account using their trusted banking app. Contrary to its name, it’s not an app and need not be installed separately in a user’s mobile. The product is designed by leveraging UK’s faster payments service to allow shoppers to pay the retailers directly from their bank account / banking app in mobile without need to enter payment details or a separate password every time a purchase is made. It is designed to work with security of a consumer’s own banking and is made in a way that it simplifies the checking out experience by giving customers more control and visibility of their finances when they make a payment. 

The four retails who have signed the deal to use this feature as part of their payment solution are UK based firms – WHSmith.co.uk, Funky Pigeon, Cult Pens and The Card Gallery. Commenting on this partnership, Suren Nawalkar, Senior Vice President of Consumer Applications at MasterCard stated, “We are thrilled to be partnering with WHSmith and its brands Funky Pigeon, Cult Pens and The Card Gallery to bring this revolutionary new way to pay, putting the customer firmly in control of their finances. Pay by Bank app offers a best-in-class digital payment solution that optimizes user experience while making transactions more secure and reducing fraud”. Speaking on same note, Ian Sanders, Director of Group Commercial Development at WHSmith said, “WHSmith is excited to launch Mastercard’s innovative new payment method, Pay by Bank app. We are keen to offer our shoppers digital payment methods that are designed to be both secure and simple and Pay by Bank app allows our shoppers to authenticate direct with their bank offering a flexible and user-friendly checkout experience”. 

Vocalink, the firm behind creation Mastercard’s latest payment solution was most recently in news for changes made to its leadership team. Earlier this year, in the month of August, the firm announced appointment of its new Chief Executive Officer Mr. Gregor Dobbie, a long standing executive at the firm who has been a part of Vocalink’s family for more than five years now. Dobbie joined the firm back in October of 2014 in the role of Sales and Business Development Direction and has been promoted thrice. He was made Managing Director of Sales in October of 2015 and become Managing Director for the firm’s UK division in May of 2017. Since taking up his new role as CEO, this is the first major product release from Vocalink and in his new role as head of the firm; Dobbie is committed to leading the firm’s expansion of B2B payment services in UK while also focusing on maintaining the firm’s critical national infrastructures. He is also in charge of infrastructure and applications which power U.K.’s real time and batch payments, direct debit bill pay systems and country’s network of nearly 70,000 ATMs. 

Source: 

https://www.pymnts.com/news/payment-methods/2019/mastercard-partners-with-four-retailers-for-pay-by-bank-app/

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