Pay by Bank from Mastercard is now available to all Wirecard merchants in the UK

Pay by Bank app was created by Vocalink, a Mastercard company, and it enables people to make ‘digital debit’ payments for goods and services via their banking app, with payment made directly from their current account. Following this partnership, Wirecard online merchants will be able to integrate Pay by Bank app into their checkout pages, offering this new payment method to their customers.

This payment method does not require 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. Each Pay by Bank app payment is made directly from the bank account and uses secure digital ‘tokens’, meaning that financial details are never revealed. Verification is handled by the existing, trusted bank app.

Wirecard’s mobile payment app, boon, will be the first digital wallet to use Pay by Bank app as boon users can load funds in real-time and straight from their Pingit banking app – the new version of the app will be made available to consumers soon.