Pay by Bank app is a new online checkout option that lets consumers pay using the bank app on their phone. It's designed to make online checkout easier, whilst using all the security of their bank. Pay by Bank app leverages the U.K.’s Faster Payments network, which is operated by Vocalink on behalf of retail payments authority Pay.UK.
This announcement means that all customers of the DNA Payments Group, including 123Send, Optomany, and Active Payments, who use online acquiring and accept online payments can now offer their consumers the advanced new payment service.
“This is an advanced and convenient new service that we are happy to offer our partners,” says Nurlan Zhagiparov, Director of DNA Payments Ltd. “With Pay by Bank app, there is no need for consumers to enter their bank details when they look to purchase a product or pay for a service on their website online. It is enough to simply choose the Pay by Bank app option and make a payment from their bank's mobile application.”
The journey undertaken by DNA and Mastercard, which started with the initial conversations in June and concluded with the launch of the product in November, is thought to be one of the quickest in Mastercard’s recent history.
Nurlan Zhagiparov added “At DNA we are constantly striving to improve our product offering and maintain our position as one of the most developed companies in the industry. By working closely with the team at Mastercard, we have been able to provide our customers with a new payment solution, which can be accessed in several ways, including In-App and on-line, in a little over four months.”
Suren Nawalkar, Senior Vice President, New Payment Platforms at Mastercard commented: “We are delighted to be working with DNA Payments to enable Pay by Bank app for their customers. With people in the UK accelerating their shift to digital payments; Pay by Bank app is set to play a big role in UK ecommerce, as more banks and merchants offer this as a payment option to millions of their customers. We look forward to building on the excellent working relationship we have already established with DNA Payments.”
About DNA Payments Group
DNA Payments Limited is a new entrant to the payments market. DNA’s team consists of highly proficient people who have worked with payment and banking systems for more than 20 years. We are working hard to make our services friendly and easy to understand. DNA Payments is committed to build a transparent business model, so that customers can easily track their money at each stage whilst it is being processed with fast and efficient technology. DNA Payments Limited is authorised and regulated by the Financial Conduct Authority, under the Payment Services Regulations 2017 for the provision of payment services.
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