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Customers choosing ‘Pay by Bank app’ will be offered the market-leading Barclays Pingit app as one way to pay, and millions of Pingit customers will be able to make mobile payments at major retailers across the country from launch.
Because Pingit is available for anyone to download as an app, whether or not they bank with Barclays, all consumers will be able to make Pay by Bank app payments from October 2015, as long as they have a UK bank or building society account and a smartphone with a UK-registered number.
The addition of payments via the Pingit app makes Zapp’s Pay by Bank app the UK’s first total market mobile payment solution, available to all consumers regardless of who they bank with, or which smartphone brand they use.
Pay by Bank app puts consumers firmly in control of their finances by letting them make near real time payments and choose which account they pay from.
Barclays plans to extend ‘Pay by Bank app’ to Corporate Banking clients, providing even more ways to increase sales from mobile phones and tablets.
Pay by Bank app transactions are protected by a consumer’s existing bank app security. And because the payments use secure digital “tokens”, customers never reveal any of their financial details (including bank account details) to merchants when they are shopping. All Pay by Bank app payments offer similar protections as exist today for debit card payments, ensuring that in the event of goods not being delivered or an issue with the payment the consumer will be covered.
Peter Keenan, Chief Executive of Zapp, commented, “We’re delighted to be able to announce that Pay by Bank app will now include Barclays Pingit. This means every UK consumer will be able to make Pay by Bank app mobile payments from October that are easier and more secure. This is a shining example of the financial and retail communities working together for the benefit of UK consumers. Having Barclays come on board – with their huge scale and enviable reputation for innovation, coupled with their extensive corporate client base – reaffirms that Barclays and Zapp are at the cutting edge of Fintech, innovation and collaboration.”
Darren Foulds, Managing Director of Mobile Payments, Barclays said, “We have been innovating in the mobile space for many years and we’re delighted to announce another pioneering move: Pingit users will be the first in the UK to take advantage of Pay by Bank app payments. Our customers have taken to mobile banking in their millions. We’re now able to build on the success of Pingit and meet the growing demand from our customers to use their mobiles to pay for goods and services swiftly and securely. We expect to see rapid take up of Pay by Bank app payments.”