Worldpay and Mastercard are to form a strategic partnership designed to expand retailers’ acceptance options.
From early 2019, merchants signed up to Worldpay in the UK will be able to use the ‘Pay by Bank’ app, which enables customers to make online payments for goods and services, as well as directly from their bank account.
In addition to ‘Pay by Bank’, which was developed by Mastercard’s Vocalink business, Worldpay will also use Mastercard’s Digital Enablement Service, which replaces the traditional 16-digit account card number with an alternative ‘token’ designed to improve security of online, in-app and digital payments.
The initiative is likely 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 UK.
“Through this partnership, Worldpay and Mastercard will help expand payments acceptance options for UK consumers and retailers by leveraging account-to-account payments technology,” said Kevin McCarten, chief strategy and marketing officer at Worldpay.
Mark Barnett, president of Mastercard in the UK, Ireland, Nordics & Baltics, said: “The ‘Pay by Bank’ app is set to play a big role in UK digital commerce, as more banks and merchants offer this as a payment option to millions of their customers.”
Worldpay will also enable Mastercard MoneySend to expand functionality for its push-to-card disbursement solutions, including FastAccess for merchant settlement. This will allow Worldpay merchants to receive settlement payout to Mastercard debit cards within minutes – rather than the typical one to three days via ACH.