US-based payment technology corporation Mastercard has partnered with Europe-based paytech Nexi to support Open Banking payments in Europe.
Specifically, Nexi selected Mastercard as its strategic partner for Open Banking account-based payments across the continent. The collaboration aims to leverage Mastercard Open Banking to facilitate ecommerce transactions through Nexi’s gateways, serving merchants across Europe.
The partnership between the two entities aims to establish an integrated digital payment ecosystem by promoting solutions powered by Mastercard Open Banking. These solutions could potentially provide secure and seamless payment experiences, offering consumers more choices when making online purchases.
Open Banking differs from traditional payment methods by allowing individuals with bank accounts to initiate swift digital payments directly to a merchant’s account. Payments are initiated through existing authentication protocols with the consumer’s bank, including biometrics, streamlining the payment process.
Merchants stand to benefit from real-time payment authorisation and settlement, facilitating quicker access to funds and improving cash flow and revenue management. By leveraging new technologies and payment methods, merchants can better meet consumer expectations for fast and frictionless payment experiences in the digital realm.
In the company press release, official representatives from Mastercard expressed enthusiasm for leading the development of account-based payment methods in partnership with Nexi. They highlighted Mastercard’s extensive experience in powering and protecting global payment networks and its commitment to delivering innovative payment experiences.
In turn, Nexi officials emphasised the strategic collaboration with Mastercard to enhance capabilities and customer convenience in payments across Europe. They also talked about the partnership’s focus on leveraging Mastercard’s expertise in Open Banking to facilitate the transition to a digital-first payments landscape.
What else has been going on with Nexi?
Nexi is an European paytech company operating in high-growth, attractive European markets and technologically advanced countries. It has the scale, geographic reach, and abilities to drive the transition to a cashless Europe. With its portfolio of innovative products, ecommerce expertise, and industry-specific solutions, Nexi provides flexible support for the digital economy and the entire payment ecosystem globally across a broad range of different payment channels and methods.
In February 2024, Nexi collaborated with ecommerce platform Woo to enable Woo merchants to offer expanded and customisable payment options across Europe. This strategic partnership saw Nexi integrating its payment technologies with WooCommerce’s ecommerce platform, serving European mid-market merchants by leveraging a larger network of partner agencies from both companies.
The collaboration included the integration of Nexi checkout plug-ins, which are dedicated ecommerce payment acceptance solutions built for each market and/or region, into the WooCommerce Marketplace.
