Tesco Bank introduces new payment technology
FinTech Scotland's strategic partner Tesco Bank just introduced a new technology, enabling 2.6 million credit card customers to manage and pay their balance in a much easier way.
The new functionality, called â€˜Pay by Bankâ€™ is powered by Mastercardâ€™s Open Banking Connect™ service, a service that allows for payments to be made directly from current account via electronic payment services.
Tesco Bank is the first in the UK to use Open Banking in this manner.
For customers it means they don't need to use a debit card, can see their current account and their credit card balance in the same place whilst benefiting from added security.
The new technology release is being staggered and all customers should have access to it in the next few weeks.
Sigga Sigurdardottir, Chief Customer Officer, Tesco Bank, said:
â€œTesco Bankâ€™s purpose is to help Tesco shoppers manage their money a little better every day.Â The introduction of Pay by Bank helps us do that for 2.6 million of our credit card customers, giving them a simple and secure way of paying their credit card, and greater control of their finances.
â€œWe are particularly pleased to be the first UK bank to make this technology available for credit card customers. We expect this functionality to be widespread in the market in the coming years.
â€œThis is a great example of the strength that our partnership with Mastercard brings to our credit card offering.â€
Kelly Devine, Division President for Mastercard UK and Ireland, said:
â€œBringing more simple, safe and convenient ways for people to pay is at the very heart of our Open Banking solutions. With this enhancement, Tesco Bank customers will have greater flexibility to make payments against card balances than ever, aiding budgeting and placing them in full control of their finances.â€
*This is subject to your bankâ€™s capability