Mastercard, Cardstream Team To Promote UK Digital Payments

Cardstream, the U.K. provider of white-label payment software and services, announced on Tuesday (Dec. 11) the launch of a new initiative that is aimed at accelerating the adoption of Mastercard’s Secure Remote Commerce Masterpass V7 wallet and its Pay By Bank app.

In a press release, Cardstream said that under the new agreement, they will make Mastercard’s Secure Remote Commerce (SRC)-ready Masterpass V7 wallet and Pay by Bank app available via API connections to its network of payment service providers (PSPs), independent software vendors (ISVs) and independent sales organizations (ISOs). Cardstream said the deal paves the way for thousands of U.K. merchants and their customers to have more convenience and security.

Cardstream also stated in the press release that Masterpass V7 adds EMVCo’s SRC framework to the digital wallet of Mastercard. The framework is backed by most of the major card schemes in the U.K. and is aimed at replacing the different payment options with a single common checkout. Meanwhile, the company said the Pay by Bank app developed by Mastercard lets customers make secure online payments via a banking app and directly from their bank accounts.

“Despite the benefits on offer, busy development cycles can make it difficult for payment providers to take immediate advantage of important industry innovations,” said Adam Sharpe, CEO of Cardstream, in the press release. “Our white-label platform provides the connective tissue to ensure that our network of PSPs, ISVs and ISOs can quickly and easily integrate Mastercard’s latest services into their product stack. We’ve done the integration heavy lifting so that our partners don’t have to.”

In addition to partnering with Mastercard, Cardstream said its network of ISOs will see 6,000 salespeople selling the benefits of Mastercard’s products and services to U.K. merchants. It noted that the addition of Masterpass V7 and the Pay by Bank app expands its portfolio of payment services.