Through our unique partnership with MasterCard, SimplyPayMe is now integrating the newly launched Pay by Bank app. Created by Vocalink (Mastercard), Pay by Bank app will remove the need for debit cards, simplify payments for all parties, and offer existing and new customers an avant-garde mobile payment solution.
SimplyPayMe’s ongoing research found that merchants, especially SMEs, are eager to adopt Pay by Bank app as a payment service in 2022.
Why? Because of its outstanding configuration:
Pay by Bank app only takes 0.45% commission per payment, whereas a debit card usually takes 1.4%. And although the Pay By Bank app is a more cost-savvy solution, it does not drop in quality. The App facilitates faster fund transferrals whilst delivering the same high-quality security to both parties.
And, thanks to HMRC, which awarded a £3 million Open Banking contract to the Fintech startup Ecospend, it shone a light on real-time push payments, presenting alternative payment methods using debit or credit cards. Today, customers are realising that there are more (easier) payment methods than the usual bank card.
How does it work?
Pay By Bank app is a software solution developed by VocaLink (MasterCard) to facilitate transactions through push payments from customer to merchant via mobile phone.
The revolutionary software allows SMEs to request payments directly from their customers. The customer then “pushes” the payment from their online banking application, allowing the transaction. SimplyPayMe is not the only one integrating this revolutionary system; Barclays and HSBC are also incorporating the Pay By Bank app, and others are soon to follow.
Is it safe?
As the Pay by Bank app is directly linked to customer’s private bank accounts, there is no chance of fraudulent payments. For customer’s to make a transaction, they have to authenticate themselves via their online banking application, thus minimising any risk for your business.
As Fintech technology grows, businesses and consumers alike are enjoying the fast-evolving simpler payment systems and integrations. With Pay By Bank app, SimplyPayMe will ease retailers’ lives, allowing them the opportunity to increase their sales whilst reducing their fees.
Find out more about Pay By Bank app here.