Saturday, June 15, 2024
HomeNewsMastercard launches open banking feature 'Pay by link' to allow businesses to...

Mastercard launches open banking feature ‘Pay by link’ to allow businesses to accept and receive payments anywhere

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.

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.

Chris Crespo
Chris Crespo
Chris is a Founding Partner and Chief Editor at Nordic Fintech Magazine, where he simplifies complex financial ideas into easy-to-understand content. With nearly 20 years of experience in management consulting and financial services, including leadership roles with some of Europe's largest banks, he offers profound industry insights. Previously serving as the Chief Futurist at the largest bank in the Nordics, Chris has sharp views on the Future of Financial Services, Money, Disruption, and Ethical AI in Finance. He is also a guest lecturer at Stanford University, Singularity University and Copenhagen Business School, where he frequently discusses the future of Money, Finance, and Entrepreneurship in Financial Services. As a Behavioral Economist, Chris is passionate about studying how human behavior and decision-making relate to risk. He also delves into the connections between psychology, leadership, and technology within financial services.
Fintech Events in the Nordics 2024