UK banks tie in with VocaLink payment app
(14 June 2016 – United Kingdom) Four of the UK’s biggest high street banks have signed up to launch “Pay by Bank app” mobile payment service in partnership with VocaLink.
The UK based payment service has announced that Bank of Scotland, Barclays, Halifax and Lloyds Bank are working with its payments innovation team, Zapp, to deliver “Pay by Bank app” that makes paying with your mobile safe, secure and convenient
According to a media release from VocaLink, major high street retailers have “already confirmed their support for the service” as an efficient and safe way form of payment for consumers.
The app allows money to move instantly from a customer account to a merchant account through real-time payments. Payments work through secure digital “tokens”, meaning customers never reveal any of their financial details (including account details) to merchants when they are shopping.
VocaLink CEO David Yates said now that these banks have committed to the app, the firm is looking forward to bring on board the the remaining banks soon.
“We’re delighted to announce our partnership with four of the UK’s biggest financial institutions, alongside the growing number of retailers who are supporting Pay by Bank app. This service is a convenient way to pay with your mobile and we look forward to working with a number of high street brands to bring Pay by Bank app to millions of UK banking customers,” Yates said.
Whether users are registering for the first time or paying with a mobile, “Pay by Bank app” uses the bank’s own security methods to verify the user. In addition to the trusted bank security, “Pay by Bank app” provides a simple and convenient way for users to make a purchase online, via an app or in store. Customers will be able to see their account balances before they pay, helping to manage their money more easily.
Stephen Noakes, Managing Director Retail Customer Products at Lloyds Banking Group added, “An increasing number of our customers want to bank and transact on the go and we want our customers to have the choice of the most convenient and secure payment innovations available. With more and more shopping taking place online we want to offer our customers a service that is a safe and secure way to spend. Pay by Bank app benefits from the same high security as your mobile banking app and makes shopping and paying online more convenient.”
Darren Foulds, Managing Director for Pingit at Barclays, which will be the first bank to launch Pay by Bank app payments said, “Mobile banking is the first choice for payments for an increasing number of people. With the introduction of the Pay by Bank app features, mobile payments to merchants are going to be even simpler and more secure for customers.”
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