This method allows customers to pay directly from their bank accounts without needing a credit or debit card. It will be available to merchants in Germany starting January 2025, and works across all SEPA countries, with plans to expand into additional European markets by the end of this year.
Transactions are processed through existing bank authentication systems, such as biometric verification, ensuring a simple, fast, and efficient experience. For merchants, a pay-by-bank product addresses challenges including card limits and fraud risk while reducing the likelihood of declined transactions.
With its new launch, Unzer aims to offer a simple and secure payment method based on Mastercard’s Open Banking infrastructure so merchants can benefit from faster settlements and higher conversion rates.
Unzer also plans to offer a white-label option, enabling merchants to personalise the checkout process to match their brand. This will build trust and loyalty with customers, reduce cart abandonment rates, and create a more convenient shopping experience for their customers.
This product is the stemming from the company’s collaboration with Mastercard and its goal is to create a digital payment system for better ecommerce transactions via Unzer’s gateway. The company aims to combine its tech with Mastercard’s Open Banking platform to drive innovation. This will help merchants with faster, more secure payment experiences that meet the demands of the current digital economy.
Looking ahead, Unzer’s plan is to develop an AIS as part of its Open Banking roadmap to allow secure access to customer banking data, such as account balances and transaction history, via APIs. With customer consent, businesses can utilise this data to improve financial management and offer personalised services. AIS provides customers with a consolidated view of their finances across multiple accounts, optimising transparency and control.
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