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 increase the opportunity to widen online retail acceptance for the Pay by Bank app, and diversify its businessbeyond its existing card network in the UK.
Worldpay will also support EMVCo’s Secure Remote Commerce (SRC) framework to provide consumers.
According to the duo, Worldpay joins Mastercard and other companies 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.
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.
Find out more about Worldpay by visiting our online payments company database.
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