The new strategic initiative will help accelerate the adoption of Mastercard’s latest digital payment solutions and expand the reach and acceptance of its account-to-account payment provision.
Through the new agreement, Cardstream will make Mastercard’s Secure Remote Commerce (SRC)-ready Masterpass V7 wallet and ‘Pay by Bank app’ available via API connections to its network of payment service providers (PSPs), independent software vendors (ISVs) and independent sales organisations (ISOs), paving the way for convenience and security for thousands of UK merchants and their customers.
Masterpass V7 adds EMVCos SRC framework to Mastercard’s digital wallet. The framework, which is backed by all the major card schemes in the UK, aims to replace the array of payment options currently on offer and provide consumers with a single common checkout experience.
In addition, Pay by Bank app’, created by Mastercard’s Vocalink business, enables customers of UK businesses to make secure online payments for goods and services via their banking app and directly from their bank account.
Cardstream’s network of ISOs will also see an additional 6,000 salespeople selling the benefits of Mastercard’s digital products and services to new merchants across the UK.
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