Payments technology provider, MultiPay Global Solutions, has launched Pay By Bank. The new face-to-face payment method enables merchants to process in-store transactions directly from their customers’ bank accounts.
MultiPay has partnered with Acquired.com, a proprietary Payment Gateway and Payment Initiation Service Provider (PISP), to facilitate instant bank-to-bank payments. According to MultiPay, its alternative payment method (APM) can significantly boost cost savings and profits for merchants. Specifically, it completely eliminates interchange and scheme fees, increases acceptance rates and minimises exposure to fraud.
David Maisey, CEO, MultiPay Global Solutions said: “At MultiPay we prioritise using the latest technologies to give merchants more freedom and control over their payments. This helps them to reduce costs and deliver superior customer experiences.
Helping merchants improve efficiencies and the bottom line
“Pay By Bank is a revolutionary leap in alternative payments. It is poised to redefine in-store transactions by providing a quicker and more convenient shopping experience for consumers. And it is a way for merchants to realise greater returns from customers spend as they look to improve efficiencies and keep costs under control.”
Requiring no additional downloads for the customer, users select Pay By Bank on the payment device at checkout. They then 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.
Evans, head of partnerships, Acquired.com added: “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. This 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.”
