Mastercard Pay By Bank goes live on MuchBetter, eliminates transfer fees

MuchBetter, the award winning payments company, today announced its integration with Mastercard’s Pay By Bank, one of the first ewallets to do so. Pay by Bank app is a new online checkout option from Mastercard that lets users pay for goods and services in real-time using the banking app on their phone – across online and in-store purchases. It allows MuchBetter users to top up their account in real-time from their bank account without entering payment details or passwords. As well as being highly convenient, it is also one of the most cost-effective ways of depositing funds to the MuchBetter account, since there are no transaction fees.

The introduction of Pay By Bank will boost MuchBetter’s array of more than 30 deposit options today, which includes card payments, bank transfers and cash. Pay By Bank was chosen by MuchBetter as a good match for its mobile-first approach to payments and is expected to be popular among UK users in particular. MuchBetter today has more than 300,000 users and hundreds of merchant partners. It is a partner of West Ham United FC, the payment app behind the new smartshirt brand, CashCuff, as well being used by household brands like PokerStars, Betway and Paddy Power Betfair.

“At MuchBetter, we pride ourselves on having created the most easy to use payment app on the planet,” said MuchBetter co-founder Jens Bader. “Users can sign up to an account in minutes and make payments with just their fingerprint and phone number. The introduction of Pay By Bank underscores our commitment to the user experience. It is a seamless, simple and secure deposit option designed for mobile – just like us – and we think our users will love it.”

“Pay By Bank puts users in control of their finances with a convenient and secure payment option in any scenario, online or in-store,” said Suren Nawalkar at Mastercard. “We believe that the next revolution in payments is paying directly from your bank app. Users simply view their balance before paying and check out seamlessly without ever having to enter payment details.”