London-based VocaLink has rolled-out its new Zapp “Pay by Bank app” service is soon to be available to customers of four of the UK’s biggest banks.
Zapp is the payment innovation team within the VocaLink Group.
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.
Many major high street retailers have already confirmed their support for the service as an easy and safe way for consumers to pay for goods and services instantly. “Pay by Bank 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 connects the world’s busiest network of over 70,000 ATMs through the LINK scheme. In the UK, VocaLink process over 90% of salaries, more than 70% of household bills and almost all state benefits. In 2015, VocaLink processed over 11 billion transactions with a value of £6 trillion.
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