Mastercard taps Nexi’s reach to expand open banking in Europe

Mastercard and Nexi, a payment technology company in Europe, are teaming up to bring open banking payment options to shoppers across Europe.

This partnership means that when people shop online, they can use Mastercard’s Open Banking to make payments directly from their bank accounts, offering a smoother and more secure way to pay.

Open banking is a modern payment method that lets people use their existing bank account to pay online quickly. Instead of the usual way of paying, where you might enter your card details, open banking uses the security measures you already have with your bank.

This way, buying things online becomes much simpler and faster. By pre-verifying customers’ details, Nexi says it can also simplify payment setup, meaning fewer failed transactions. By using Instant, secure account-to-account payments via open banking, it removes the need to enter any card or bank account details, using biometrics to authenticate identity and confirm the payment.

For businesses that sell online, this partnership is great news. They’ll see payments approved and receive money faster, which meets customers’ growing demand for quick and hassle-free online shopping experiences. Real-time payment confirmation also provides them with an assurance that every transaction has been authorised and customers have the funds available to pay for their purchases.

By combining Mastercard’s technology with Nexi’s wide reach in serving merchants all over Europe, this collaboration makes online payments easier and safer for everyone involved – from the people buying goods and services to the businesses selling them.

“We are excited to lead the development of an account-based payment method that will make online purchases more seamless and secure as well as expand payment choice in partnership with Nexi,” said Bart Willaert, EVP, International Open Banking at Mastercard. “We have been powering and protecting our global payments network and the broader digital ecosystem for more than five decades, and now Mastercard’s innovative open banking technology will offer consumers and businesses across Europe access to more innovative payment experiences.”

“We are thrilled to announce our strategic collaboration with Mastercard, through which we will harness the power of its open banking solutions in Europe to scale and enhance our capabilities, and boost customer convenience in payments,” said Omar Haque, Head of eCommerce at Nexi. “By partnering with Mastercard and capitalizing on its leadership and expertise in open banking, as well as its trusted payments infrastructure, we further enhance our ability to facilitate the transition to a digital-first payments landscape in Europe.”