Mastercard launches open banking feature ‘Pay by link’

Mastercard is announcing its latest payments feature, Pay by link, led by its European open banking pioneer Aiia. With the feature in place, businesses from any industry are able to cut out unnecessary payment steps by creating a simple link that allows customers to pay instantly in any given context.

The new payments feature “ties directly into Mastercard’s open banking vision of ushering in a new era of choice, simplicity and personalization in a safe and secure manner,” the press release said.

Based on open banking payments, Mastercard’s Pay by Link feature offers users dealing with accounting, insurance and telecom companies, as well as social commerce, payment service providers and utility firms.

“We’re in the process of transforming the way people pay bills,” said Rune Mai, co-founder and CEO of Aiia, a Mastercard company. “With a simple link, we make it easy and secure to pay a bill on the go with a bank account without having to enter or remember payment details.

Pay by Link is being rolled out in the Nordics and is expected to be available across Europe by the end of the year. Aiia’s new feature is live with Nordic accounting software provider Dinero, streamlining invoice payments for more than 77,000 small and medium-sized entrepreneurs.