Under the new deal, Elavon will offer 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’s customer base will widen the online retail acceptance footprint for ‘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 card network.
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