MultiPay Global Solutions launches Pay By Bank
- New Pay By Bank solution streamlines payments at checkout to eliminate card fees, boost security and deliver substantial cost savings for merchants.
- Innovative alternative payment method powers fast bank-to-bank transfers between merchants and consumers using just a QR code and a users’ mobile banking app.
London, UK – February X, 2024: MultiPay Global Solutions, a leading provider of payments technology, today announced the launch of its Pay By Bank solution, a new face-to-face payment method enabling merchants to process in-store transactions directly from their customers’ bank accounts.
Partnering with Acquired.com, a proprietary Payment Gateway and Payment Initiation Service Provider (PISP), to facilitate instant bank-to-bank payments, MultiPay’s Pay By Bank solution is an innovative alternative payment method (APM) that can significantly boost cost savings and profits for merchants by completely eliminating interchange and scheme fees, increasing acceptance rates and minimising exposure to fraud.
David Maisey, CEO, MultiPay Global Solutions commented, “At MultiPay we prioritise using the latest technologies to give merchants more freedom and control over their payments, helping them to reduce costs and deliver superior customer experiences. Pay By Bank is a revolutionary leap in alternative payments, poised to redefine in-store transactions by providing a quicker and more convenient shopping experience for consumers and a way for merchants to realise greater returns from customers’ spend as they look to improve efficiencies and keep costs under control.”
UK consumer demand for APMs at the checkout such as Pay By Bank is rising. The BRC Payments Survey 2023, released in December of last year, revealed that APMs saw a sharp increase in popularity among UK customers, going from 2.0% to 4.9% of transactions in 2022.
Requiring no additional downloads for the customer, users simply select Pay By Bank on the payment device at checkout to scan a uniquely generated QR code and authorise the transaction from within their mobile banking app. Once approved, funds instantly transfer from the customer’s bank account to the merchant.
Delia Pedersoli, COO, MultiPay Global Solutions said, “APMs such as Pay By Bank lead the way in enabling merchants to cut costs and improve bottom-line profitability. Furthermore, MultiPay’s unique single API means we can quickly work with merchants to build new and exciting payment infrastructures that deliver to their exact requirements. In addition to yielding tangible cost benefits for retailers such as reduced processing fees, simpler refunds and faster settlements, Pay By Bank enhances transaction security and minimises fraud. Moreover, the more ways in which customers can checkout with ease, the happier they will be.”
FCA authorised with a 99.99% uptime and universally compatible with any payment device, Pay By Bank can seamlessly integrate with any merchant payment setup using MultiPay’s unique API. Reducing chargeback risks and boosting acceptance rates combined with secure multi-factor authentication lowers exposure to fraud for both customers and merchants.
Further extending MultiPay’s APM expertise, MultiPay’s Pay-By-Bank solution is initially available to merchants in the United Kingdom, with expansion to other markets soon to follow. Additional features such as incorporating advanced fraud technology and providing data analytics for merchants to drive meaningful insights from customers’ payments will be available soon.
Grant Evans, Head of Partnerships, Acquired.com commented, “We are delighted to have partnered with MultiPay to launch our proprietary in-store Pay by Bank proposition across both their client base and that of Acquired.com, in what is a further strengthening of an already flourishing partnership. This ground-breaking offering, running alongside numerous card acquirer integrations and a unified commerce reporting setup, will be a game changer for Point of Sale Open Banking rails.”