MultiPay Global Solutions has introduced its Pay By Bank solution in collaboration with Acquired.com, a Payment Gateway and Payment Initiation Service Provider (PISP). This new face-to-face payment method allows merchants to directly process in-store transactions from customers’ bank accounts.
The Pay By Bank solution aims to provide merchants with a cost-effective alternative payment method, eliminating interchange and scheme fees, while also improving acceptance rates and reducing exposure to fraud. According to the BRC Payments Survey 2023, the demand for alternative payment methods such as Pay By Bank is on the rise among UK consumers.
With Pay By Bank, customers can authorise transactions directly from their mobile banking app by scanning a QR code displayed on the payment device at checkout, without requiring any additional downloads. Once approved, funds are instantly transferred from the customer’s bank account to the merchant.
In the company press release, officials from MultiPay Global Solutions, highlighted the benefits of Pay By Bank in reducing processing fees, simplifying refunds, and enhancing transaction security.
Officials from Acquired.com, expressed excitement about the partnership with MultiPay and the potential impact of the Pay By Bank solution on in-store payments. The solution is FCA-authorised with a high uptime rate and is compatible with any payment device, offering seamless integration through MultiPay’s API.
Initially available to merchants in the United Kingdom, MultiPay plans to expand its Pay By Bank solution to other markets. Future developments include advanced fraud technology and data analytics features to provide meaningful insights for merchants.
The MultiPay Group is a payments technology company that allows large merchants across the world to accept any payment, anywhere. Its all-in-one agnostic payment solution blends a unique API that acts as a single point of integration between any payment method and any acquirer. MultiPay’s gateway works across all payment channels in any sector including retail, hospitality, travel, and transportation.
Acquired.com operates a unified platform that offers access to technology and data insights to power recurring commerce. The Acquired.com platform offers full payment life cycle management, including Pay by Bank, card processing, direct debit, and sending and receiving payments. Acquired.com selected MultiPay as a hardware provider for its in-person payment card terminals in March 2023.
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