In a recent interview with Nordic Fintech Magazine, Nabeel Moosa, Vice President of Strategy and Value Creation at Nexi Group and Ian White, Senior Vice President, Open Banking at Mastercard shared how our collaboration is transforming the payments experience, breaking down barriers to make account-to-account (A2A) payments more accessible and creating reliable, secure, and user-friendly solutions – improving conversion rates for merchants and enhancing the overall experience for consumers through open banking.
Here are some of our key takeaways:
During the interview, Ian White highlighted a recent shift in payments: “Account-to-account payments are becoming significant, making up about 20% of all e-commerce volumes in Europe. Open banking, a subset of A2A, has faced challenges in the past, but we’ve seen a significant shift in the last 12 to 18 months. This partnership with Nexi is about leveraging those changes and offering new, compelling use cases that benefit merchants and consumers alike.”
Security and trust are paramount in ensuring that open banking continues to flourish, with Mastercard integrating secure channels and advanced authentication methods to build this trust for consumers and merchants alike.
Technological innovations like app-to-app redirection and biometric authentication are used to streamline the payment process, making it more secure and convenient for consumers. From a merchant perspective, the collaboration ensures that payment methods are secure and easy to use, increasing conversion rates and reducing friction.
Nabeel Moosa shared that merchants are experiencing some of these benefits already: “In markets where A2A payments are already common, we focus on reliability, trust, and user experience. For new markets, our collaboration ensures that merchants can offer a seamless, secure, and trustworthy payment option to consumers, ultimately improving conversion rates.”
He also expanded on some of the early successes of the partnership: “Paytrail in Finland is a great example. In a market where A2A payments are already well-established, we’ve seen significant growth, not just maintaining but increasing our share of A2A payments. We’re also making strides in enabling high-value digital payments, which were previously challenging due to bank-imposed limits.”
Ian rounded off the interview with a reflection on what he’s most excited about for the future of our collaboration: “Regulation is a catalyst for innovation. We’re looking forward to leveraging PSD3 and other regulatory changes to expand our offerings. The future is about combining data and payments in ways that add real value to consumers and merchants. “
Our partnership with Nexi Group is a powerful synergy that combines our strengths to enhance account-to-account (A2A) payments, reshaping the payments landscape and amplifying the value of open banking across Europe and beyond.
Going to Nordic Fintech Week in Copenhagen? Don’t miss out on experiencing Ian White, SVP, Open Banking Europe at Mastercard and Nabeel Moosa, VP of Strategy & Value Creation, Nexi Group, on stage on September 25th from 10:40-11:10.
They’ll explore how Nexi and Mastercard make open banking payments seamless and more accessible across the European landscape through Nexi’s wide and diverse merchant base.
Click here to learn more about our payments use cases.
