Mastercard launches open banking feature ‘Pay by link’ to allow businesses to accept and receive payments anywhere
Today ahead of Money 20/20 Europe Mastercard is announcing its latest payments feature, Pay by link, led by its European open banking pioneer Aiia. With the feature in place, businesses from any industry are able to cut out unnecessary payment steps by creating a simple link that allows customers to pay instantly in any given context.
The new payments feature ties directly into Mastercard’s open banking vision of ushering in a new era of choice, simplicity and personalization in a safe and secure manner.
Based on open banking payments, the feature is set to empower multiple players across the ecosystem and new use cases ranging from accounting, insurance, and telecom companies to social commerce, payment service providers, and utility companies.
“We’re in the process of transforming the way people pay bills. With a simple link, we make it easy and secure to pay a bill on the go with a bank account without having to enter or remember payment details. With Pay by link, we give businesses the opportunity to accept and receive payments anywhere and reduce friction in the entire payment flow,” says Rune Mai, Co-Founder and CEO of Aiia, a Mastercard company.
The new feature is bridging the opportunity gap between open banking payments and a wide range of businesses. Aiia is enabling broader customization options for its link payments, granting its customers the opportunity to build and brand a fully embedded payment experience. The feature is already being rolled out in the Nordics and is expected to hit the full European landscape throughout 2022.
Enabling businesses to get paid on time
Aiia’s new feature is already live with the leading Nordic accounting software provider, Dinero. Now, Dinero is simplifying invoice payments for more than 77,000 small and medium-sized entrepreneurs and combining it with account information that makes it possible to automatically reconcile invoices instantly.
“With Aiia’s Pay by Link feature in place, we’re able to remove a massive headache for businesses, by making it as straightforward as possible to both send out an invoice and get paid in any given context. With a simple payment link, we’re enabling our customers to get paid on time by using open banking payments in a flow that they trust with their bank. In combination with our additional access to account information from Aiia[BS3] , we now make it incredibly smooth to both pay and reconcile for thousands of businesses,” says Martin Thorborg, Co-Founder and CEO of Visma Dinero.
The feature is set to be demonstrated live on the first day of Money 20/20 Europe on June 7 on The Evolution Stage, powered by Mastercard.