Mastercard Inc (NYSE:MA) is launching Mastercard Bill Pay that allows users to view, manage, and make credit cards, mortgage, telecom, and utility payments. The users of Mastercard Bill Pay need not maintain different accounts for various billers and remember separate passwords.
Bill Pay exchange allows payments using bank accounts
The users can make payments from their bank accounts or credit cards via Bill Pay Exchange and receive confirmation of the payment within the website or banking app. Benefits of using Bill Pay Exchange include the elimination of processing checks and prevent the need for sending paper bills through the mail. The new payment mechanism reduces the cost of customer support. Accepted payment options at the billers include traditional bank accounts, real-time payments, and cards.
Mastercard ropes in several partners
Mastercard is in discussions with several partners such as CondEd to launch the Mastercard Bill Pay. Its partners, including Transactis, OSG Billing Services, Aliaswire Inc., and Avidia Bank, will offer Mastercard Bill Pay to the users for the first time. The new payment system is expected to improve the user experience in paying bills. It improves the relationships between financial institutions and billers.
Director (Treasury) at ConEd, Frank D’Amadeo, said the company is striving to improve the experience of customers continue to make payments with ease along with more popular payment options.
To make the new payment system available to more customers, Mastercard is testing the solutions with more partners: Plastiq, Payrailz, Papaya, Synapse, Nordis Technologies, Inlet, RR Donnelley, and Best Digital Solutions. The collective efforts of these new partners will help to improve the scale and adoption of the new solution in the US. Executive Vice President at OSG Billing Services, Jonathan Gustave, said the company is pleased to work with Mastercard for Bill Pay Exchange.
Mastercard takes over SessionM
Mastercard acquired SessionM to improve its marketing services and merchant loyalty services. The loyalty platform and customer engagement services of SessionM allow airlines, CPG companies, restaurants, and retailers to establish profitable and stronger customer relationships.
The takeover of SessionM helps Mastercard to support the brands to provide real-time and personalized offers across the world.