Mastercard to Offer New Bill Pay Service in 2019
Mastercard is working on a new bill payment service to launch in 2019. Known as Bill Pay Exchange, this platform will allow bank and credit union customers to pay bills to over 135,000 companies from one simple portal.
Bill Pay Exchange utilizes the infrastructure from The Clearing House (TCH) to offer real-time bill payments through bank accounts. Traditional payment processing often requires a day or two to complete a banking transaction, but payments with Bill Pay Exchange will happen almost instantly.
Users will receive notifications when a bill is coming due, and they can view the bill’s details within the portal. They can also schedule payments and payment amounts for different billers, including rental companies, utility companies, mortgage lenders and credit card companies.
The most convenient aspect of Bill Pay Exchange is not having to remember login credentials for multiple billers. Users can also get a clear view of their monthly bills in one location in order to make all their payments on time. The preview for the service shows one-time payments and recurring auto-pay options, so users can set up the bill payments to suit their financial needs.
Mastercard will begin testing with their partners some time next year, and plan to release the service commercially later in 2019.