Mastercard and NatWest Group have launched Pay by Bank app (PbBa) to mobile banking app users across the NatWest Group brands: NatWest, Royal Bank of Scotland, Ulster Bank, and Coutts, according to IBS Intelligence.
PbBa is a new payment method that lets people pay online from their banking app. It removes the need for the user to create additional accounts, logins, or passwords as the same security measures and technology power it as the linked banking app. Users can use PbBa with more than one banking app, giving the customer more choice when making online payments and letting them set a default account for payments.
In addition, Mastercard is currently building Pay by Bank’s account on file functionality, which will enable one-click and deferred payments and the ability to pay for subscriptions.
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