Mastercard Debuts Open Banking Feature Pay by Link

Mastercard appeared with its Pay by Link payments feature at Money 20/20 Europe, leaning on European open banking platform Aiia to allow businesses to send their clients a link so they can pay instantly from anywhere, according to a Monday (June 6) company press release.

The new payments feature “ties directly into Mastercard’s open banking vision of introducing a new era of choice, effortlessness, and personalization in a safe and secure manner,” the press release said.

In view of open banking payments, Mastercard’s Pay by Link feature offers clients dealing with accounting, insurance and telecom organizations, as well as social commerce, payment specialist co-ops and utility firms.

“We’re currently changing the manner in which individuals take care of bills,” said Rune Mai, prime supporter, and CEO of Aiia, a Mastercard organization. “With a direct link, we make it simple and secure to take care of a bill on the go with a bank account without entering or recalling payment details.

Pay by Link is being carried out in the Nordics and is supposed to be accessible across Europe before the year’s over. Aiia’s new element is live with Nordic bookkeeping programming supplier Dinero, smoothing out receipt payments for in excess of 77,000 small and medium-sized entrepreneurs.