MultiPay Global Solutions has sought to meet apparent demand for alternative payment methods (APM) at checkout by launching a new solution, Pay By Bank.
The company will offer its new face-to-face payments product to merchants with the aim of processing in-store transactions directly from their customers’ bank accounts.
This will offer several benefits to merchants, MultiPay outlined in the product launch statement, including cost savings and profit boosting by removing interchange and scheme fees whilst increasing acceptance rates and minimising fraud exposure.
David Maisey, CEO of MultiPay Global Solutions, said: “At MultiPay we prioritise using the latest technologies to give merchants more freedom and control over their payments, helping them to reduce costs and deliver superior customer experiences.
“Pay By Bank is a revolutionary leap in alternative payments, poised to redefine in-store transactions by providing a quicker and more convenient shopping experience for consumers and a way for merchants to realise greater returns from customers’ spend as they look to improve efficiencies and keep costs under control.”
The company has developed and launched the product in partnership with Acquired.com, a proprietary Payment Gateway and Payment Initiation Service Provider (PISP). The solution will be made available to UK merchants first with an international launch planned later.
This also marks a continuation in the commercial relationship between MultiPay and Acquired.com, with the duo having first partnered up in March last year.
The duo are confident in the new solution’s potential in the UK and other markets due to an apparent upsurge in demand for APMs, citing an increase in usage from 2% of transactions to 4.9% in 2022 according to the BRC Payments Survey 2023.
Grant Evans, Head of Partnerships at Acquired.com, added: “We are delighted to have partnered with MultiPay to launch our proprietary in-store Pay by Bank proposition across both their client base and that of Acquired.com, in what is a further strengthening of an already flourishing partnership.
“This ground-breaking offering, running alongside numerous card acquirer integrations and a unified commerce reporting setup, will be a game changer for Point of Sale Open Banking rails.”
