DNA Payments launches new Pay by Bank app powered by Mastercard

By Megha Bhattacharya

London-based FinTech payments company DNA Payments has announced the launch of a new product: Pay by Bank app (PbBa). Pay by Bank app is an online checkout option that lets consumers pay using the bank app on their phone. It leverages the U.K.’s Faster Payments network, which is operated by Vocalink on behalf of retail payments authority Pay.UK.

“This is an advanced and convenient new service that we are happy to offer our partners,” says Nurlan Zhagiparov, Director of DNA Payments Ltd. “With Pay by Bank app, there is no need for consumers to enter their bank details when they look to purchase a product or pay for a service on their website online. It is enough to simply choose the Pay by Bank app option and make a payment from their bank’s mobile application.”

According to DNA Payments, clients who use online acquiring and accept online payments can now offer their consumers the advanced new payment service. DNA Payments Limited is authorised and regulated by the Financial Conduct Authority, under the Payment Services Regulations 2017 for the provision of payment services.

Nurlan Zhagiparov added “At DNA we are constantly striving to improve our product offering and maintain our position as one of the most developed companies in the industry. By working closely with the team at Mastercard, we have been able to provide our customers with a new payment solution, which can be accessed in several ways, including In-App and on-line, in a little over four months.”

Suren Nawalkar, Senior Vice President, New Payment Platforms at Mastercard commented: “We are delighted to be working with DNA Payments to enable Pay by Bank app for their customers. With people in the UK accelerating their shift to digital payments; Pay by Bank app is set to play a big role in UK e-commerce, as more banks and merchants offer this as a payment option to millions of their customers. We look forward to building on the excellent working relationship we have already established with DNA Payments.”