E-payment provider PPRO Group has signed a partnership agreement to integrate the Mastercard Pay by Bank app solution into its payment platform for UK merchants.
With the integration, customers will be relieved from the requirement to enter payment details and passwords. Moreover, they do not have to log in to different accounts prior to purchase.
PPRO bank transfer payments
The method is also said to offer customers more control and transparency of finances.
PPRO chief sales officer Ronnie D`Arienzo said: “While credit and debit cards are the most popular payment method in the UK currently, the method of direct bank transfer is becoming increasingly popular and growing in importance.”
The partnership will be marketed to UK merchants, banks, payment service providers and acquirers that are clients of the two companies.
Online payments will be offered through banking apps of consumers’ choice.
Mastercard senior vice president Jonathan Wood said: “The pilot saw consumers adopting the Pay by Bank app at scale, with over a third of a million on-boarded users. As a result, we saw merchants increase sales and conversion rates, while reducing the costs of fraud.
“Consumers will benefit from seeing how much is in their bank account before they pay, and settle payments instantly, all from within the secure environment of their trusted mobile banking app.”