Major UK Banks to Support Standard Mobile Payments App
Published on: 15th Jan 2014
UK interbanking infrastructure provider Vocalink says that its mobile payments platform Zapp is to be adopted by a number of UK banks.
HSBC, First Direct, Nationwide, Santander and Metro Bank will roll out Zapp mobile payments to 18 million customers across the UK. Together this group represents over a third of all UK bank accounts with 60% of UK merchants being able to take advantage of Zapp payments.
Zapp will enable consumers to benefit from real-time payments on their mobile phone banking applications, allowing payments between consumers and merchants. Zapp will also be integrated into the banks other mobile banking applications.
Customers will be able to see their account balances before they pay and choose different accounts to pay from.
Zapp payments work through secure digital "tokens", which mean customers don't need to reveal any of their financial details (including bank account details) to merchants when they are shopping. And because Zapp is integrated into the mobile banking app it's only the financial institutions that know account details.
David Yates, Chairman of Zapp and CEO of VocaLink said, "Zapp is a major payment innovation for Britain that will bring significant value to consumers, merchants and financial institutions."