Elavon and Mastercard are entering an agreement focused on making digital payments even more convenient and secure for consumers.
Under the new deal, Elavon will offer the 'Pay by Bank app’ to merchants in the UK, enabling people to make online payments for goods and services through their banking app, with payment coming directly from their bank accounts.
‘Pay by Bank app’ was created by Vocalink, a Mastercard company, and Elavon will help merchants integrate it into their checkout pages. This method of payment does not need a separate PIN, password or a card number. Transactions take place in real time and shoppers can see their account balance before making the payment. Verification is handled by the consumer’s own trusted bank app.
Elavon is committed to improving eCommerce and digital payments. In its latest research, Pocket Shoppers: eCommerce on the Move, Elavon identified that two-thirds of UK shoppers will abandon online transactions when the process is too difficult. The major sources of frustration range from being forced to repeat information (69%) to obligatory sign-up processes (54%) and limited payment options (41%). Elavon’s partnership with Mastercard on ‘Pay by Bank app’ offers an innovative way of addressing these issues.
Elavon’s customer base will widen the online retail acceptance footprint for the ‘Pay by Bank app’, as banks increasingly prepare to offer the service to their customers. This will allow Mastercard to diversify its business beyond its extensive card network. Mastercard’s pilot trial saw consumers adopting the ‘Pay by Bank’ app at scale, with over a third of a million on-boarded users.
Hannah Fitzsimons, Executive Vice President and General Manager, Europe at Elavon, said: “We’re pleased to work closely with Mastercard to offer more payment choices for both consumers and merchants. This feature is part of our wider strategy to invest in new technology and extend our capabilities. As the world of global payments continually evolves, Elavon is at the forefront of supporting fast and secure alternative payment methods.”
Jon Wood, Chief Commercial Officer for Pay by Bank app said: “This will have a big impact on payments, bringing benefits to consumers, retailers and banks. In particular, ‘Pay by Bank app’ is set to shape the future of digital commerce, as more banks and merchants offer this as a payment option to millions. We remain committed to transforming the payments landscape with this fast, secure and convenient new way to pay. Elavon provides a big piece of the acquiring landscape and is a further boost for the infrastructure we are building.”