Mastercard Debuts Open Banking Feature ‘Pay By Link’

Mastercard debuted its Pay by Link payments feature at Money 20/20 Europe, leaning on European open banking platform Aiia to allow businesses to send their customers 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 ushering in a new era of choice, simplicity and personalization in a safe and secure manner,” the press release said.

Based on open banking payments, Mastercard’s Pay by Link feature offers users dealing with accounting, insurance and telecom companies, as well as social commerce, payment service providers and utility firms.

“We’re in the process of transforming the way people pay bills,” said Rune Mai, co-founder and CEO of Aiia, a Mastercard company. “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.

Pay by Link is being rolled out in the Nordics and is expected to be available across Europe by the end of the year. Aiia’s new feature is live with Nordic accounting software provider Dinero, streamlining invoice payments for more than 77,000 small and medium-sized entrepreneurs.

Related: Tink and Revolut Team on Open Banking Tech Expansion

In other banking news, open banking platform Tink and FinTech app Revolut are teaming up on a strategic plan to expand open banking technology to more people across Europe, with Tink’s payment initiation services (PIS) technology allowing Revolut users across Europe to move money into their Revolut accounts.

Tink’s PIS technology gives users the ability to authorize transfers from any bank account without leaving the Revolut app.