Mastercard turns to local tech to push digital pay options in the U.K.
Mastercard and white label payment software company Cardstream are partnering to accelerate the deployment of Mastercard’s Secure Remote Commerce (SRC)-ready Masterpass wallet and its “Pay by Bank” solution.
The agreement make Mastercard’s SRC Masterpass V7 wallet and “Pay by Bank” app available via API connections to Cardstream’s client network of payment service providers (PSPs), independent software vendors (ISVs) and independent sales organizations (ISOs). In the U.S. Mastercard launched Bill Pay Exchange in October with The Clearinghouse. In July Mastercard teamed with Worldpay to promote its Pay by Bank system in the UK, which it had acquired when it purchased VocaLink in 2016.
“Despite the benefits on offer, busy development cycles can make it difficult for payment providers to take immediate advantage of important industry innovations,” stated Adam Sharpe, CEO of Cardstream, in a Tuesday press release. “Our white label platform provides the connective tissue to ensure that our network of PSPs, ISVs and ISOs can quickly and easily integrate Mastercard’s latest services into their product stack. We’ve done the integration heavy lifting, so that our partners don’t have to.”
Earlier this year Mastercard and Visa announced their plans to use EMVCo’s Secure Remote Commerce framework to standardize and fully tokenize card not present payments. This move raises the level of security for e-commerce payments at a time when EMV chip-enabled cards are driving down in-store (card present) fraud and thieves are shifting to digital commerce (card not present) to commit card fraud.
The SRC framework has now been adopted by all major card networks with Discover and American Express joining forces with Visa and Mastercard. The framework establishes a consistent way for card payments to be made across websites, mobile apps and other digital platforms. This common payment experience would allow a merchant to provide a single “buy” button to consumers that would eliminate the need for consumers to enter card data and billing address information. The single buy button is direct challenge to PayPal and its One Touch payment button technology.