Worldpay teams up with Mastercard to expand digital payments acceptance
Worldpay will also make use of Mastercard Digital Enablement Service which replaces a card’s primary 16-digit account number with an alternative card number, or “token”.
Digital payments continue to develop as payments technology company Worldpay Inc (NYSE:WP) and Mastercard Inc (NYSE:MA) have earlier today announced their plans to enter a global strategic partnership focused on expanding acceptance options and making digital payments more convenient and secure.
Kevin McCarten, Chief Strategy and Marketing Officer at Worldpay, explained that the collaboration will leverage account-to-account payments technology with Mastercard’s ‘Pay by Bank’ app.
Under the partnership, Worldpay will offer the ‘Pay by Bank’ app – a new way to pay – to merchants in the UK starting in early 2019. Developed by Mastercard’s Vocalink business, the ‘Pay by Bank’ app enables customers of UK businesses to make online payments for goods and services via their banking app, and directly from their bank account.
The partnership with Worldpay is set to markedly 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 UK.
In addition, Worldpay will support EMVCo’s Secure Remote Commerce (SRC) framework to provide consumers with a simple and consistent online payment experience. This is set to replace 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.
Furthermore, Worldpay will leverage Mastercard Digital Enablement Service which replaces a card’s primary 16-digit account number with an alternative card number, or “token”. This is set to provide enhanced security of online, in-app and digital payments.
Finally, 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 much faster than via ACH.