vobapay has announced its partnership with Mastercard in order to integrate the latter’s Open Banking technology into its platform and offer A2A payments directly at checkout.
Following this announcement, by incorporating Mastercard’s Open Banking technology into its platform, vobapay will have the possibility to enable companies that work with it to offer their customers and users secure and fast A2A payments, directly at checkout.
In addition, the institutions will focus on developing a solution that provides a secure A2A payment strategy for both users and businesses. This cooperation is expected to also offer an efficient, transparent, and trustworthy digital payment experience, as both Mastercard and vobapay will prioritise meeting the needs, preferences, and demands of clients in an ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the industry.
More information on the vobapay x Mastercard partnership
Open Banking was developed in order to make it possible to pay invoices or online purchases directly via bank login, a process that remains in compliance with PSD2 and with strong customer authentication. At the same time, the advantage is represented by the fact that there is no need to enter card details, as it reduces purchase abandonment and provides instant payment confirmation. For merchants, it also provides faster cash flow, reduced risk, and significantly simplified processes.
Furthermore, as smartphones become more secure through regular updates, Open Banking aims to deliver an upgrade for digital checkout. Through this strategy, payments are made directly from the bank account, in real time, and with maximum security, while merchants benefit from lower costs, faster incoming payments for improved liquidity, strong customer authentication with minimal chargeback risk, as well as higher conversion rates.
According to the official press release, through the use of Mastercard Open Finance, vobapay will have the possibility to expand its portfolio with a solution that is set to provide improved value in B2C and B2B environments. In addition, it will enable users to benefit from a fast, familiar, and protected checkout experience, while merchants can increase their conversion rates and reduce purchase abandonment as well.
Moreover, B2B companies will have additional advantages, especially for large transaction volumes or for recurring invoices, as direct A2A payments provide improved transparency and security without card limits and with stable liquidity.
