Mastercard is chosen by Nexi as their open banking account-based payment partner.

In order to facilitate open banking account-based payments, Nexi, the top PayTech company in Europe, has selected Mastercard as a strategic partner across the entire continent. By means of this collaboration, Mastercard Open Banking will enable online payments through Nexi's gateways, catering to retailers throughout Europe.

Madilyn Swift

March 11, 2024

2Min Reads

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Payments

Through the advancement of Mastercard Open Banking-powered products that provide customers with more online purchasing options and secure, seamless payment experiences, Mastercard and Nexi will jointly create an integrated digital payment ecosystem.

Open banking enables anyone with a bank account to quickly make digital payments to a merchant's account, in contrast to more conventional payment methods. In order to obtain the information required to complete a payment, payments are made directly through the consumer's bank using already-existing authentication mechanisms, which may include biometrics. This simplifies and expedites the process.

Real-time payment authorization and settlement offers merchants the advantage of speedy fund access as well as better cash flow and revenue stream management. In the digital sphere, retailers may better meet customers' expectations for quick and easy payment experiences by utilizing cutting-edge technologies and payment methods.

According to Bart Willaert, EVP of International Open Banking at Mastercard, "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." "After more than 50 years of sustaining and safeguarding the global payments network and the wider digital ecosystem, Mastercard's cutting-edge open banking technology will now provide consumers and companies throughout Europe with access to even more cutting-edge payment experiences."

Omar Haque, Head of eCommerce at Nexi, stated, "We are excited to announce our strategic collaboration with Mastercard. Through this partnership, we will leverage its open banking solutions in Europe to scale and enhance our capabilities and boost customer convenience in payments." "We further strengthen our capabilities to assist the shift in Europe toward a digital-first payments landscape by working with Mastercard and leveraging its leadership and expertise in open banking, as well as its trusted payments infrastructure.”