UK banks sign up to ‘Pay by Bank’ app
Written by Michelle Stevens
Four of the UK’s biggest High Street banks are now onboard with the ‘Pay by Bank’ mobile app developed by the Zapp team at VocaLink, it has been announced today.
Bank of Scotland, Halifax and Lloyds Bank join Barclays (which has slated an autumn roll-out of the app), in signalling that they will make the technology available to their customers.
The Pay by Bank app allows consumers to make purchases at participating retailers either in-store via their smartphone or online via a smartphone or tablet, with payments moving directly from their bank account to the merchant in real time.
Banks’ own security methods are used to verify users, and customers will be able to see their account balances before they pay, helping to manage their money more easily. The payments are processed through secure digital ‘tokens’, meaning customers never reveal any of their financial details (including account details) to merchants when they are shopping.
David Yates, the CEO of VocaLink, said: “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.”
Lloyds Banking Group’s managing director of retail customer products, Stephen Noakes, 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.”