Mastercard has enrolled its bill payments solution Request to Pay into the Pay.UK framework in the UK and onboarded its first customer for the service.
The solution is part of Mastercard’s global portfolio of bill payment apps such as Bill Pay Exchange and Direct Debit.
It allows consumers to view and pay their bills instantly using their bank accounts.
After enrolling into Pay.UK framework, Request to Pay solution will now be available in the UK and provide additional options to settle bills between businesses and individuals.
It is estimated that the solution can help billers save as much as £1.3bn per year.
Pay.UK CEO Paul Horlock said: “By putting user control at the heart of the payment process, Request to Pay has the potential to revolutionise how we discuss money and pay bills.”
Users can pay their mortgage, utility and telecoms bills, or council tax payments with the option to pay in full or part or request for additional time from billers.
The payer can communicate with the biller using an in-app function to make tailored payment arrangements.
The solution allows individuals to split their bills with friends and small businesses to monitor vendor payments. It also enables faster payments reconciliation for large organisations.
The payer need not enter the requester’s payment information manually. This helps in reducing the risk of push payment fraud.
Request to Pay MD Andy Coleyshaw said: “Request to Pay offers greater choice to customers, digitising all payment types, making life easier for everyone to manage and settle daily bills.”
Request to Pay has been created using the technology from Vocalink – a Mastercard company – and developed in partnership with Exela Technologies.