DNA Payments (DNA), a fintech payments company, is pleased to announce the launch of a new product: Pay by Bank app (PbBa). 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.
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This announcement means that all DNA Payments Ltd clients 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.”
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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.”
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