Pay By Bank App- New Mastercard Initiative

[jzw95]

It’s not a new thing, has been around for a couple of years I think. Sadly without much take-up so far. I mentioned it back in November 2017, but their website (which as you can see used to be on its own domain, as it predated Mastercard’s purchase of Vocalink) has been around for longer.

The rapid rise of banking app Monzo - The Telegraph

Just read this, and one of the standout quotes for me was Tom saying: “We chose the name ‘GoCardless’ because we wanted to replace Visa and Mastercard and build a really significant company.” Could we see Monzo one day try and bypass the MasterCard and Visa networks? Maybe with their excellent design and development skills, Monzo will be the bank to popularise Pay by Bank.

Would be great to hear from Rika, but she touched on it recently in one of the excellent Q&As that @simonb runs (tap the to see the quote being responded to):

Monzo Staff Weekly Q&A - Rika Raybould (Payments Witch / Backend Engineer)

I think we’ll see a much better way of paying for things by bank apps directly over the next 2–3 years with the new payment initiation requirements. I don’t know if they’ll gain much traction here but they seem to do extremely well in some European countries.