Discover is going to let US merchants accept payments from consumers without credit cards. The card issuer is partnering with fintech company Buy It Mobility Networks, whose technology allows consumers to pay directly from their checking accounts using merchants’ apps. The companies are expected to announce the partnership later in February 2022.
The company may be using the integration to improve its positioning as a payment provider. Increased use of the ACH network, which typically powers A2A transactions, for B2B payments and healthcare transactions is set to open a pathway to use it for retail payments. ACH volume grew 8.7% year over year in 2021, according to emarketer.com.
Buy It Mobility Networks (BIM) is a mobile platform that powers smartphone applications with low cost payments, marketing capabilities, and other solutions that can be white-labelled by retailers. BIM has several strategic partners including Discover, InComm, and INMAR among others.
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