Mastercard and Natwest Group launch the Pay by Bank app
By Joy Dumasia
Mastercard and NatWest Group announced a further expansion of their partnership, bringing faster, secure online payments with Pay by Bank app (PbBa) to its mobile banking app users across the NatWest Group brands: NatWest, Royal Bank of Scotland, Ulster Bank and Coutts.
The next revolution in online payments, PbBa, is a new, easy-to-use payment method that lets people pay online, quickly and securely, from their banking app. It removes the need for the user to create additional accounts, logins or passwords as the same security measures and technology power it as the linked banking app.
Users can use PbBa with more than one banking app, giving the customer more choice when making online payments and letting them set a default account for payments. In addition, Mastercard is currently building Pay by Bank’s account on file functionality, which will enable one-click and deferred payments and the ability to pay for subscriptions.
Salim Secretary, Head of Payment Schemes and Partnerships, NatWest Group: “At NatWest, we are committed to offering our customers a choice of ways to pay that best suit their individual needs. We are pleased to be expanding our relationship with Mastercard to offer Pay by Bank app as another option for our customers to pay – offering additional choice and convenience.”
Suren Nawalkar, Senior Vice President, Consumer Applications at Mastercard, said: “Pay by Bank app is the next evolution in online payments, and this partnership with NatWest will make it available to even more people across the UK. Pay by Bank app not only makes online shopping easier and more secure, but the real-time payments and account balance updates give users greater oversight of their finances – something increasingly important during the current economic climate. Its integration with existing banking apps also removes friction for shoppers when having to download additional apps or enter new login details.”
Recently, IBS Intelligence reported that Mastercard’s Center for Inclusive Growth launches the UK Inclusive Growth Score, which uses 21 different metrics from three pillars – place, economy, and community – to showcase a postcode sector’s social and economic profile and the potential it may hold.