Big news for Zapp this week – 5 of the major UK retail banks have signed up to Zapp,
meaning 18 million UK customers will have access to Zapp when it launches.
HSBC, first direct, Nationwide, Santander and Metro Bank will roll out Zapp mobile payments to 18 million customers across the UK[1]. Zapp will enable these financial institutions to offer a new way for their customers to pay for goods and services in real-time using their existing bank accounts and their mobile device.
“Our customers’ use of mobile banking is growing rapidly,” comments Brendan Cook, Head of Retail Banking & Wealth Management at HSBC. “Introducing Zapp to our mobile banking services will mean customers can benefit from convenient, fast and secure ways to pay using their mobile devices.”
Zapp enables consumers to benefit from real-time payments on their mobile phone banking applications, allowing secure payments between consumers and merchants – integrating into the mobile banking applications of these leading financial institutions.
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 it’s 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 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.
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.
“Our customers want the choice to be able to pay on the go using mobile technology, and the Zapp proposition is second to none with its capabilities,” concludes Steve Pateman, Executive Director, Head of UK Banking, Santander.
“Zapp helps us meet the growing demand from our customers to use their mobiles to pay for goods and services swiftly and securely. With the vast majority of UK merchants on board, we expect to see rapid take up of payments powered by Zapp.”
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