Fintech company PensionPay has partnered with Visa, to launch a new ‘digital wallet’, to allow savers to make payments directly from their pension plan, via card or an app on their phone.
PensionPay will offer a Visa-branded card and digital wallet, which pension providers will be able to white label. This will link the scheme to Visa’s payments infrastructure, and is designed to make accessing retirement income simpler, faster and more convenient for savers.
PensionPay says this collaboration should help providers improve member experience, strengthen retention of members at retirement, and deliver on regulatory expectations around value for money and Consumer Duty. PensionPay has yet to announced which of the larger pension schemes will offer this new facility.
PensionPay founder and CEO Duncan Rutherford says: “Working with Visa allows us to connect pensions to the payments infrastructure people already trust in everyday life.
“We know savers lack confidence, clarity and control over their retirement savings – this is a major step towards helping to deliver those.”
Claire Dopson, head of new business development, UK & Ireland at Visa, adds: “Visa is committed to supporting innovation that makes everyday financial experiences more convenient and secure.
“By collaborating with companies like PensionPay, we’re helping expand access to trusted payment solutions that simplify how people manage their money in retirement.”
