Mastercard and Aiia launch Open Banking feature 'Pay by link'

With the feature in place, businesses from any industry are able to cut out unnecessary payment steps by creating a link that allows customers to pay instantly in any given context. The new payments feature ties directly into Mastercard’s Open Banking vision of ushering in a new era of choice personalisation.

Based on Open Banking payments, the feature is aimed at multiple players across the ecosystem and new use cases ranging from accounting, insurance, and telecom companies to social commerce, payment service providers, and utility companies.

Aiia’s company officials explained that with a simple link, they facilitate payment of a bill on the go with a bank account without having to enter or remember payment details. With Pay by link, they give businesses the opportunity to accept and receive payments anywhere and reduce friction in the entire payment flow.

The new feature is bridging the opportunity gap between Open Banking payments and a wide range of businesses. Aiia is enabling broader customisation options for its link payments, granting its customers the opportunity to build and brand a fully embedded payment experience. The feature is already being rolled out in the Nordics and is expected to hit the full European landscape throughout 2022.