Mastercard Launches UK-Based Open Banking Pact With Cardstream

Group 1 - Mastercard has partnered with British FinTech Cardstream to enhance open banking payments in the UK, allowing Cardstream to strengthen its Payment Facilitation-as-a-Service (PFaaS) platform [1][2] - The collaboration enables acquirers, payment facilitators, and channels using Cardstream to offer merchants the option to accept open banking payments alongside traditional payment methods [2][3] - The new solution supports single immediate payments (SIP) and prepares for commercial variable recurring payments, expected to roll out across Europe by late 2025 [3][4] Group 2 - The open banking market in Europe is anticipated to experience significant growth, with the partnership occurring at a time when open banking payments remain largely untapped [4] - A report indicates that proper incentives, such as discounts and cash-back offers, could drive consumer adoption of pay by bank services [5][6] - Research shows a notable awareness gap, with 56% of consumers unfamiliar with pay by bank, but incentives can increase interest by 72% when cash-back discounts or loyalty benefits are offered [6][7]