No matter how a transaction is made – whether digitally, in-person, for one-time use or a recurring payment – the transaction is often linked to a customer’s payment card. As the issuer and the cardholder’s financial institution, you’re responsible for providing secure payment options while navigating the digital transformation of many traditional banking methods to meet the needs and wants of your customer base.
With Mastercard’s recently launched concept, Pay by Account, you can revolutionize the payment process for your customers. This latest digital-first feature, supported by the Entrust Digital Card Solution, allows customers to digitize their bank accounts into their mobile apps. You can now elevate the payment experience directly within your mobile banking application, allowing consumers to make secure payments from their bank accounts, Google Wallet, or Apple Pay at any Mastercard point-of-sale (POS) terminal and display a virtual card for online transactions. Consumers can either pay directly from the bank app in the bank’s proprietary wallet (enabled by Entrust with the NFC Issuer Wallet) or push the digitized bank account to wallets like Apple Pay or Google Pay. This enables effortless payments at any Mastercard e-commerce merchant without the necessity of card issuance. In addition, customers can use mobile payment options at any Mastercard POS and have the convenience of using a virtual card for online payments.
With the convenience of this additional digital payment solution, you can simplify the complexities of financial card issuance and the need to rely on a payment card as an intermediary. Pay by Account facilitates the payment process for banks and credit unions, offering the opportunity to facilitate real-time transactions. This is particularly advantageous and compelling for those financial institutions not engaged in card issuance or who are lacking compatibility with tokenization for digital card issuance. Pay by Account offers a game-changing alternative, facilitating quick virtual digital card issuance without disrupting existing card issuance infrastructure. It can also add value to the banking app, transforming it into a payment device across online and in-store purchases. Consumers benefit from a very safe and secure tokenized bank account payment experience, delivered within the banking app. Financial institutions add value to their app and keep customer experience at the core of their relationship with the consumer. With more innovations and opportunities comes more revenue opportunities for financial institutions.
Financial institutions can benefit from a simplified integration through an SDK, delivering the highest level of security. Empowering an end customer to choose their preferred form of payment and enabling direct payments from their bank account not only builds trust but also eliminates potential risks associated with third-party data breaches and fraud. The implementation and maintenance are also streamlined and efficient thanks to Entrust’s expert digital card team, which delivers comprehensive project support.
Take the next step to enhance your digital banking experience by learning more about Pay by Account today.