Worldpay and Mastercard to Enter New Global Partnership Focused on Innovating Payments
Partnership will seek to help expand digital payments acceptance and establish a new payment standard with ‘Pay by Bank’ app, as well as focus on making digital payments even more convenient and secure globally.
CINCINNATI and LONDON, July 16, 2018 /PRNewswire/ — Worldpay, Inc. (NYSE: WP; LSE: WPY), a leading payments technology company, and Mastercard (NYSE: MA), announced today their intention to enter a global strategic partnership focused on expanding acceptance options and making digital payments even more convenient and secure.

“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, Chief Strategy and Marketing Officer at Worldpay. “This – combined with our joint efforts in making digital payments even more convenient and secure globally – creates a powerful partnership that benefits all payments stakeholders.”

Growing Account-to-Account Payments

Under the partnership, Worldpay will offer the ‘Pay by Bank’ app – a new way to pay – to merchants in the U.K. starting in early 2019. Created by Mastercard’s Vocalink business, the ‘Pay by Bank’ app enables customers of U.K. businesses to make online payments for goods and services via their banking app, and directly from their bank account.

With a strong market share in the U.K., partnering with Worldpay will significantly increase the opportunity to widen online retail acceptance for the ‘Pay by Bank’ app, allowing Mastercard to bring distribution scale to the new service, and diversify its business beyond its existing card network in the U.K.

“This is the latest way we’re able to deliver on consumer’s expectations, whether they’re shopping online or paying for utilities,” said Mark Barnett, President of Mastercard in U.K., Ireland, Nordics & Baltics. “We’re maximizing each other’s ability to provide the choices in fast and convenient ways to pay. 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.”
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Worldpay, Inc.
PR Newswire

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