Worldpay leverages Mastercard's Vocalink in U.K. pact
Worldpay and Mastercard have formed a global strategic partnership, expanding the ways consumers and merchants connect for online and in-app payments via Mastercard’s Vocalink business.
Worldpay will offer Mastercard’s Pay by Bank app, created by Vocalink, to its U.K. merchants early next year, Worldpay said in a Monday press release. Pay by Bank enables consumers to pay for online goods and services directly from their bank accounts through their bank’s app, according to the release.
“Through this partnership, Worldpay and Mastercard will help expand payments acceptance options for U.K. consumers and retailers by leveraging account-to-account payments technology with Mastercard’s ‘Pay by Bank’ app,” said Kevin McCarten, Worldpay’s chief strategy and marketing officer, in the release.
The move will extend Pay by Bank's reach beyond Mastercard's network, the release noted.
“In particular, ‘Pay by Bank’ app is set to play a big role in U.K. digital commerce, as more banks and merchants offer this as a payment option to millions of their customers,” said Mark Barnett, Mastercard’s president in U.K., Ireland, Nordics and Baltics, in the release.
As part of the agreement, Worldpay will support Mastercard MoneySend for debit push payments, enabling merchants to receive settlement payments to Mastercard debit cards within minutes. Worldpay also plans to leverage Mastercard’s technology for tokenization, and the company will support EMVCo’s Secure Remote Commerce (SRC) framework to develop a single button for online checkout, Worldpay said in the release.
Vantiv’s $11.6 billion deal to buy Worldpay—extending the combined companies’ reach to 146 countries—closed early this year.