Nexi, the European paytech firm, has partnered with Mastercard to enhance its open banking account-based payments. Through the partnership, Mastercard Open Banking will facilitate e-commerce payments across Nexi’s gateways serving merchants across Europe.
Mastercard and Nexi are joining forces to build an integrated digital payment ecosystem by advancing Mastercard Open Banking-powered solutions that offer secure, seamless payment experiences with more choices for consumers when shopping online.
Bart Willaert, EVP of international open banking at Mastercard, explained how the partnership could improve payment experiences across Europe: “We are excited to lead the development of an account-based payment method that will make online purchases more seamless and secure as well as expand payment choice in partnership with Nexi.
“We have been powering and protecting our global payments network and the broader digital ecosystem for more than five decades, and now Mastercard’s innovative open banking technology will offer consumers and businesses across Europe access to more innovative payment experiences.”
Unlike more traditional payment options, open banking enables consumers with a bank account to initiate swift digital payments to a merchant’s account. Payments are initiated directly through existing authentication protocols with a consumer’s bank, including biometrics, to retrieve the necessary information to execute a payment, making the experience easy and efficient.
Enhancing number of payment options
Omar Haque, head of e-commerce at Nexi, also added: “We are thrilled to announce our strategic collaboration with Mastercard, through which we will harness the power of its open banking solutions in Europe to scale and enhance our capabilities, and boost customer convenience in payments.
“By partnering with Mastercard and capitalising on its leadership and expertise in open banking, as well as its trusted payments infrastructure, we further enhance our ability to facilitate the transition to a digital-first payments landscape in Europe.”
Benefits for merchants include real-time payment authorisation and settlement, enabling quick access to funds and improved management of cash flow and revenue streams. By leveraging innovative technologies and payment methods, merchants can better align with heightened customer expectations for fast and frictionless payment experiences in the digital landscape.
The news follows shortly after Nexi partnered with the open e-commerce platform Woo to enable Woo merchants to offer customers a wider range of payment options.
