Partnership will seek to help expand digital payments acceptance and establish a new payment standard with ‘Pay by Bank’ app, as well as focus on making digital payments even more convenient and secure globally.
Worldpay, Inc., a leading payments technology company, and Mastercard, announced their intention to enter a global strategic partnership focused on expanding acceptance options and making digital payments even more convenient and secure.
„Through this partnership, Worldpay and Mastercard will help expand payments acceptance options for U.K. consumers and retailers by leveraging account-to-account payments technology with Mastercard’s ‘Pay by Bank’ app,” said Kevin McCarten, Chief Strategy and Marketing Officer at Worldpay. „This – combined with our joint efforts in making digital payments even more convenient and secure globally – creates a powerful partnership that benefits all payments stakeholders.”
Growing Account-to-Account Payments
„Under the partnership, Worldpay will offer the ‘Pay by Bank’ app – a new way to pay – to merchants in the U.K. starting in early 2019. Created by Mastercard’s Vocalink business, the ‘Pay by Bank’ app enables customers of U.K. businesses to make online payments for goods and services via their banking app, and directly from their bank account.”, according to the press release.
With a strong market share in the U.K., partnering with Worldpay will significantly increase the opportunity to widen online retail acceptance for the ‘Pay by Bank’ app, allowing Mastercard to bring distribution scale to the new service, and diversify its business beyond its existing card network in the U.K.
„This is the latest way we’re able to deliver on consumer’s expectations, whether they’re shopping online or paying for utilities,” said Mark Barnett, President of Mastercard in U.K., Ireland, Nordics & Baltics. „We’re maximizing each other’s ability to provide the choices in fast and convenient ways to pay. In particular, ‘Pay by Bank’ app is set to play a big role in U.K. digital commerce, as more banks and merchants offer this as a payment option to millions of their customers.”
Making Digital Payments Even Simpler and More Secure
Worldpay will also support EMVCo’s Secure Remote Commerce (SRC) framework to provide consumers with a simple and consistent online payment experience instead of the numerous confusing options available today. Worldpay joins Mastercard and other payments industry players in developing a single, common checkout button. While this service is developed, Worldpay will continue to support its clients with Masterpass and other eCommerce solutions.
Additionally, Worldpay will leverage Mastercard Digital Enablement Service which replaces a card’s primary 16-digit account number with an alternative card number, or „token,” for enhanced security of online, in-app and digital payments.
Worldpay will also enable Mastercard MoneySend to expand functionality for its push-to-card disbursement solutions, including FastAccess for merchant settlement. With this expanded solution in place, Worldpay merchants can receive settlement payout to Mastercard debit cards within minutes – rather than the typical one to three days via ACH.
About Worldpay
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global integrated omni-commerce. With industry-leading scale and an unmatched integrated technology platform, Worldpay offers clients a comprehensive suite of products and services globally, delivered through a single provider.
Worldpay processes over 40 billion transactions annually through more than 300 payment types across 146 countries and 126 currencies. The company’s growth strategy includes expanding into high-growth markets, verticals and customer segments, including global eCommerce, Integrated Payments and B2B.
Worldpay, Inc. was formed in 2018 through the combination of the No. 1 merchant acquirers in the U.S. and the U.K. Worldpay, Inc. trades on the New York Stock Exchange as „WP” and the London Stock Exchange as „WPY.”
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