e-Boks and Mastercard have just entered into a new collaboration on invoice payment based on open banking, which allows citizens to pay securely with their bank account directly in e-Boks. One of the goals is to reach the more than 60 per cent of Danes who, according to a new survey, do not want to pay bills via links in their personal email inbox.
Mastercard is a global payments technology company. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere. They do this by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovative solutions help individuals, financial institutions, governments and businesses realise their full potential. With connections across more than 210 countries and territories, they're building a sustainable world that opens up invaluable opportunities for everyone.
A new e-Boks survey of 2,000 Danes shows that 63 per cent of users do not trust paying their invoices via links they receive in traditional emails. This is a consequence of the fact that Danes have increasingly learned to be sceptical when they receive emails from senders asking them to pay and/or provide personal information.
- Our latest survey documents that consumers have become very aware of online fraud. And with good reason, as two out of three Danes state that they often or sometimes receive phishing emails or text messages, explains Ulrik Falkner Thagesen, CEO at e-Boks.
The CEO emphasises that e-Boks is a strong platform for payments, for example, as it provides a strong defence against fraud and is considered secure by users. This trust and security is the basis for a new collaboration between e-Boks and Mastercard on a groundbreaking payment solution.
Payment in a process
The solution from Mastercard is based on account-to-account payments, also known as 'open banking' payments where the citizen pays securely with their bank account directly in e-Boks. This provides consumers with less friction in payments, which is expected to drive better conversion rates as users have a high level of trust in both e-Boks as a platform and the documents they receive there.
- e-Boks enjoys a high level of credibility among Danes, and with this new collaboration, we expect to significantly increase awareness of open banking payments. e-Boks has the largest user share in Denmark, and we see this collaboration as a seal of approval for our payment solution through an efficient and trusted communication platform, explains Christina Trauboth, Vice President of Open Banking Sales at Mastercard.
Vice President for Open Banking Sales hos Mastercard
"e-Boks enjoys a high level of credibility among Danes, and with this new collaboration, we expect to significantly increase awareness of open banking payments. e-Boks has the largest user share in Denmark, and we see this collaboration as a seal of approval for our payment solution through an efficient and trusted communication platform."
How it works
- Businesses populate the payment link with the necessary invoice information.
- Mastercard ensures all the information is visible on both the sender and the receiver account.
- The user receives the invoice in e-Boks, and can then securely pay in a few clicks without having to leave the platform.
When consumers receive invoice mail in e-Boks in the future, the new collaboration makes it possible to carry out invoice payments more smoothly than with many other forms of payment, where it is often necessary to switch between online banking and payment cards and enter information manually.
- Our payment solution is built on open banking, which allows citizens to pay an invoice by clicking on a link and authorising the payment in the same window. We all know the situation where a bill, for one reason or another, has ended up in a system or on the kitchen table. With this collaboration, we make it easy and seamless to pay the bill for the citizen in one place, thereby minimising the risk of having to enter long manual lines in an online bank. With the open banking solution in place, e-Boks users will be able to pay the bill where it is received, with their bank account, says Christina Trauboth.
e-Boks CEO: A seal of approval for our platform
Ulrik Falkner Thagesen is looking forward to having Mastercard as a business partner.
- We are delighted to be able to integrate Mastercards' open banking payment solution into e-Boks' platform. It is an endorsement of our platform as strong and competitive, and we look forward to what the collaboration can develop into in the future, the CEO explains and continues:
- Almost all Danes use e-Boks today, and the platform stands for quality and credibility. Therefore, this in itself contributes to more people opening and responding to the communication. Users who use the e-Boks app on their mobile phones also receive notifications on their phones, which can increase awareness of invoices even more.
The Mastercard and e-Boks partnership will formally enter into force from November 2023.
- e-Boks has more than 22 years’ experience as a provider of digital infrastructure.
- We have developed solutions in co-operation with public organizations and are provider of national digital post solution in Denmark, Norway, Greenland and Irland.
- Many of the leading banks, insurance and pension companies have preferred e-Boks as supplier and development partner instead of pursuing their own solutions.