Mastercard’s 2020 State of Pay report found one in ten in the UK often forget to pay their bills resulting in late payments and around one in five do not feel in control of the outgoings from their accounts.
Mastercard is today announcing „the launch of its Request to Pay application solution; the first in the UK to offer an end user application service within Pay.UK’s Request to Pay framework”, according to the press release.
Accredited as both an application and repository service provider, Mastercard’s Request to Pay solution now builds and enrols end user applications, such as a mobile app for consumers or a corporate IT system. These are necessary to create, send, view, and respond to ‘Requests to Pay’ for billers and payers, while also building in message repositories – the secure message storing and routing component.
Mastercard’s 2020 State of Pay report found one in ten (10%) people in the UK often forget to pay their bills resulting in late payments and nearly one in five (17%) say they do not feel in control of the outgoings from their accounts.
Mastercard’s Request to Pay solution provides individuals with more options and flexibility to settle bills, whether for mortgage repayments, utility and telecoms bills or council tax payments.
People are able to communicate directly with their biller, using an in-app chat feature, to query an unusual or unexpected bill before the payment is made, or make alternative payment arrangements. The service can translate the payment request into a credit transfer once the payer has approved and authenticated it, reducing the risk of fraud and error compared to the manual alternative.
The Request to Pay solution also provides the payer with the option to pay in full, in part, request additional time to make a payment or decline to pay and begin a dialogue with the requester – increasingly important in the current economic climate.
This new service will allow partners – such as financial institutions, fintechs and aggregators – to offer an end user application at a lower cost than if they developed it themselves. It also allows a choice of connectivity so it can fit into billers’ existing processes efficiently.
Andrew Buckley, Executive Vice President, Product Management at Mastercard, comments: “Mastercard’s Request to Pay solution has the ability to transform bill payments in the UK. As individuals and businesses all demand faster, easier and more intuitive ways to pay bills, the pressure is on financial institutions to quickly offer innovative solutions. This extension to our Request to Pay offering provides our partners with a way to accelerate the launch of their own tailored solutions ensuring that they stand out in the sector while being able to benefit from increased customer engagement and additional revenue streams.”
David Piper, Head of Service Lines at Pay.UK, said: “Request to Pay has the power to transform how people pay by putting user choice at the heart of the payment process, providing greater control and flexibility when it comes to paying bills. We are delighted to see Mastercard become accredited as both an application and repository provider, and we look forward to the seeing how its solution can support consumers, businesses and financial organisations throughout the UK.”
Mastercard’s Request to Pay solution resides within the application layer of its multi-rail proposition and is a key part of Mastercard’s vision to allow people and businesses to pay, or send and receive money how, where and when they choose.
Request to Pay draws on Mastercard’s existing expertise in the US where it has already launched the comprehensive Mastercard Bill Pay Exchange that links to The Clearing House’s (TCH’S) faster payments infrastructure and is built with technology from Vocalink, a Mastercard company.