Wirecard announces a Pay by Bank app first

Wirecard and Mastercard have made the digital payment offering, Pay by Bank app, available to the former’s merchants in the UK.

This was created by Vocalink, which was bought by Mastercard for £700 million earlier this year, and it enables people to make debit payments for goods and services via their banking app, with the money coming from their current account. Wirecard online merchants will now be able to integrate the solution into their checkout pages. The company’s mobile payment app, boon, will be the first digital wallet to use Pay by Bank app as boon users can load funds in real-time and from their Pingit banking app – the new version of the app will be made available to consumers soon.

Jon Wood, Chief Commercial Officer, Pay by Bank app at Mastercard, says: "Pay by Bank app is set to shape the future of online and mobile shopping, as more banks and merchants offer this as a payment option to shoppers, and as more UK banks make Pay by Bank app available to millions of customers. We’re pleased that Wirecard becomes the first business to offer this capability at both ends of the spectrum, both as a card issuer and an acquirer. Mastercard remain committed to transforming the payments landscape with this fast, secure and convenient new way to pay. More banks will be offering this to their account holders in 2018, including HSBC.”