With mobile commerce having become the most popular method of online mobile transactions, accounting for 52% of all online retail sales in 2017 alone, the partnership will put mobile banking at the centre of the consumer payment experience.
The partnership will be marketed to PPRO’s and Mastercard’s individual customer bases of merchants, banks, Payment Service Providers (PSPs) and Acquirers across the UK, and will offer fast, easy online payments via consumers’ preferred mobile banking apps.
By choosing the alternative payments method, merchants can offer consumers a convenient and secure payment process, removing the need to enter payment details, extra passwords or log in to different accounts before every purchase.
In turn, consumers will be provided with more control and instant visibility of their finances. As a result, this maximises conversion rates for merchants, increases sales and reduces costs from fraud due to less charge backs and easier refunds.
“While credit and debit cards are the most popular payment method in the UK currently, the alternative payments method of direct bank transfer is becoming increasingly popular and growing in importance,” exlains Ronnie D`Arienzo, Chief Sales Officer of PPRO Group.
“The pilot saw consumers adopting the Pay by Bank app at scale, with over a third of a million on-boarded users,” continues Jonathan Wood, Senior Vice President of Mastercard.
“As a result, we saw merchants increase sales and conversion rates, while reducing the costs of fraud. Consumers will benefit from seeing how much is in their bank account before they pay, and settle payments instantly, all from within the secure environment of their trusted mobile banking app.”
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