How DACH banks should respond to Mastercard’s new payment integration standard

Click to Pay (CtP) is allowing millions of people to make online purchases by tapping a button rather than entering their payment details.

One-click-checkout used to be offered by individual payment providers. In 2019, under the common scheme standard setting body EMVCo, a new global service has been jointly defined, under the name of Click to Pay, which stands for a unified solution for one-click checkout.

Several initiatives, including Mastercard’s own Push Provisioning standard, are encouraging more banks to enable Click to Pay (CtP) Push Provisioning, allowing more customers to use their credit and debit cards without typing in the details.

For banks in the DACH region, incorporating CtP Push Provisioning should be a high priority goal.

Banks should see CtP Push Provisioning not just as an industry requirement, but as an opportunity to enhance their digital offerings and improve their customers’ experience.

CtP Push Provisioning can enable banks to offer customers a more streamlined payment experience. Instead of manually entering card details for every purchase, they’ll be able to pay with a single click of a button, increasing satisfaction and reducing transaction abandonment rates - 54% of online shoppers abandoned a cart because checkout was complicated, or they didn’t want to create an account, according to a Mastercard study.

It can also improve security. CtP Push Provisioning uses tokenisation to replace sensitive card information with unique digital identifiers, which helps protect customers from fraud and banks from data breaches - 40% of consumers use guest checkout due to security concerns.

Banks that adopt CtP Push Provisioning early could also gain a competitive advantage. By differentiating themselves in the market with more convenient payment methods, banks can boost customer acquisition and improve customer retention.

Due to Mastercard’s standard, incorporating CtP Push Provisioning should now be a priority for all banks in the DACH region.

Implementing CtP Push Provisioning involves integrating CtP functionality into a bank’s existing mobile app or online banking platform - simple in concept but potentially complex when done in-house due to ensuring compatibility requirements with existing systems, adhering to security standards like tokenization and designing a suitable user experience for customers.

To speed up the process and ensure the functionality is integrated properly, banks can partner with third-party providers such as Netcetera.

To find out more about how Netcetera could help your bank incorporate CtP Push Provisioning and adhere to Mastercard’s standard, read more about our Click to Pay Push Provisioning solution or talk to our team.