Pay By Bank launched as MultiPay teams up with Acquired.com
Thanks to IBS Intelligence for publishing our Pay by Bank press release. In collaboration with Acquired.com, we have introduced Pay By Bank, a pioneering face-to-face payment solution allowing merchants to directly process in-store transactions from customers’ bank accounts. The innovative payment method eliminates interchange and scheme fees, promising substantial cost savings and increased profitability for merchants.
David Maisey, CEO of MultiPay, emphasises the company’s commitment to leveraging cutting-edge technologies to empower merchants, reduce costs, and enhance customer experiences. Pay By Bank streamlines the checkout process, offering consumers a quicker and more convenient shopping experience while enabling merchants to realise greater returns from customer spend.
With no additional downloads required, customers can simply select Pay By Bank at the checkout, scan a QR code, and authorise the transaction through their mobile banking app. Funds are instantly transferred from the customer’s bank account to the merchant, ensuring swift and secure transactions.
The integration of Pay By Bank with MultiPay’s unique API enables seamless integration with any merchant payment setup, reducing chargeback risks and enhancing acceptance rates. Multi-factor authentication enhances security, minimising fraud risks for both customers and merchants.
Initially available to merchants in the UK, Pay By Bank is set to expand to other markets soon. Future features such as advanced fraud technology and data analytics will provide merchants with valuable insights into customer payments, further enhancing the payment experience.
Grant Evans, Head of Partnerships at Acquired.com, expresses excitement about the partnership with MultiPay, highlighting the potential of account to account to transform point-of-sale transactions through Open Banking rails. This groundbreaking offering, combined with integrated card acquirer solutions and unified commerce reporting, is expected to revolutionise the industry.
In summary, the collaboration between MultiPay and Acquired.com has resulted in the launch of Pay By Bank, a game-changing payment solution that offers significant benefits for both merchants and consumers. With its emphasis on innovation, convenience, and security, Pay By Bank is poised to reshape the landscape of retail payments.
