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Zapp: New Promising Mobile Payment Method for UK market

LONDON | Zapp, the new mobile payment method in the UK, using the shoppers' bank account to make real-time purchases, announced partnerships with many of the UK’s leading financial services brands to implement its innovative mobile payment service. The future looks promising for Zapp: offering simpler, more secure and efficient payments to millions of consumers and merchants.

 

Zapp Mobile Payments Roll-Out

HSBC, first direct, Nationwide, Santander and Metro Bank will roll out Zapp mobile payments to 18 million customers across the UK1. Zapp will enable these financial institutions to offer a new, secure, convenient and simpler way for their customers to pay for goods and services instantly in real-time using their existing bank accounts and their mobile device.

 

Zapp: Good for Consumers

Zapp will enable consumers to benefit from real-time payments on their mobile phone banking applications, allowing secure payments between consumers and merchants. Zapp will be integrated into the mobile banking applications of these leading financial institutions, providing a seamless real-time payment choice to millions of customers as they shop.

 

No Cards Involved | Real-time Bank Transfer Payments

Zapp payments will put people in control of their finances, with no need for multiple digital wallets, long card numbers, new passwords and usernames to remember. From launch the customers of these leading financial services brands will be able to pay for goods and services using just their existing bank account, a smartphone and a mobile banking app. Customers will be able to see their account balances before they pay and choose different accounts to pay from, thereby staying more in control of their finances. With Zapp, money moves instantly from a customer account to a merchant account through real-time payments.

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?????Secure and simple

Zapp transactions are both secure and simple. 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. Customers don’t have to download a different third party app or register for anything new. All Zapp payments will be covered by 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.

 

 Zapp: instant settlement mobile payment method

By offering Zapp to their customers these leading financial institutions will create the next wave of payment innovation, which will deliver significant benefit to the UK economy. According to the Centre for Economic and Business Research (Cebr)2 20 million adults will use their mobiles to pay for goods and services by the end of the decade, with the value of purchases tripling from current levels to £14.2bn in 2018. By offering Zapp, HSBC, first direct, Nationwide, Santander and Metro Bank will help to reduce fraud, lower the cost of cash to the UK economy, put consumers more in control of their finances and help businesses across the UK with their cash-flow by providing an instant settlement payment method.

 

An alliance of the leading innovators in payments

HSBC, first direct, Nationwide, Santander and Metro Bank join WorldPay, Optimal Payments, Realex and SagePay as payment innovators in UK. The alliance will work together from 2014 to prepare the roll-out of Zapp payments to millions of customers, merchants and businesses. 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 continue to recruit new members to this alliance throughout 2014. Peter Keenan, Chief Executive of Zapp, said, “I am truly excited to announce our lead financial institution partners. Together with our already announced acquirer partnerships, Zapp will go to market with real scale offering simpler, more secure and efficient payments to millions of customers and businesses. I am delighted that these financial institutions and acquirers have chosen to ?????innovate to deliver value to their customers, lead the market and deliver huge benefit to the UK economy.”

 

???About Zapp

Zapp is the UK’s leading mobile payment innovation. Zapp will put real-time payments on people’s mobile phones through their existing mobile banking application allowing secure payments to happen between consumers and merchants. Currently Zapp remains a wholly owned, independent, subsidiary of VocaLink with separate board, management and location. VocaLink designs, builds and operates world-class payment systems and ATM switching platforms that in 2012 processed over 10 billion UK payments with a value of over £4.5 trillion. Visit Zapp's website for more information on UK's new mobile payment method.

 

Contact information

zapp@capellapr.com

 

1 Based on total number of customers of launch banks.

2 The report ‘The Future of Payment in the UK’ was compiled by the Centre for Economic and Business Research (Cebr) in September 2013 and is available on request from zapp@capellapr.com.

 

 

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