Paytrail and Mastercard empower millions of Open Banking payments in the eCommerce landscape

By Joy Dumasia

Paytrail and Mastercard announce that their collaboration has reached new heights as they’re now enabling more than one million open banking payments every month, led by European open banking leader Aiia, a Mastercard company. Since 2019, Paytrail and Aiia have collaborated to accelerate open banking-powered payments in the eCommerce checkout flow. 

Powered by Mastercard’s open banking platform, Paytrail enables eCommerce for more than 20,000 merchants and online shoppers, providing greater choice with new payment options and a more hassle-free online checkout experience. Unlike traditional payment options, open banking allows anyone with a bank account to initiate swift and secure digital payments that arrive as soon as possible and, in some countries, almost immediately to a retailer’s account. Compared to other methods, this open banking solution requires fewer steps to complete a payment, as the payment is initiated directly from the bank without manually filling in payment details or switching between applications or interfaces. Through this collaboration, merchants can also offer a fully integrated solution in the checkout environment and aligns to Paytrail’s and Mastercard’s shared vision of continuously increasing consumer convenience and enhancing security. 

Commenting on the collaboration, Joni Rautanen, Chief Operating Officer of Paytrail, said: “We’ve been working with Aiia for some time, and we’re happy to see the results of the collaboration today. Without the corporation, we would have had to build the interface integration with the banks ourselves, and it would have been a very challenging task. The simple integration with Aiia has made it possible for us to get the solution up and running fast to offer thousands of merchants the opportunity to leverage open banking powered payments.”

Katharina Luschnik, Vice President, Product Sales of Aiia, a Mastercard company, said: “Open banking eCommerce payments are convenient for consumers as they enable a faster checkout process, paying through an interface that the consumer trusts with their bank. The flow itself holds embedded SCA (Strong Customer Authentication) and therefore reduces steps in successfully getting a transaction through when shopping online. Paytrail is a perfect example of a payment service provider that is leading the change for a best-in-class online shopping experience and fitting their solution towards customer demands. We’re thrilled to empower Paytrail on their future journey towards increasing convenience in the eCommerce landscape.” 

IBS Intelligence recently reported that Avarda chose European open banking leader Aiia, a Mastercard company, to enable open banking payments through its white-label payment solutions for a wide range of retailers and merchants. Powered by Mastercard’s global open banking platform, Avarda provides online shoppers with a more hassle-free checkout experience.