Elavon to offer Pay by Bank app to merchants in the UK

Wednesday 19 December 2018 00:49 CET | News

Global payments company Elavon and Mastercard have announced an agreement aimed at making digital payments more convenient and secure for consumers.

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. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Elavon, Pay by Bank, merchants, UK, digital payments, VocaLink, online payments
Countries: World

Industry Events