Lloyds, Halifax and Bank of Scotland all sign up for “Pay by Bank” app from Zapp
Lloyds, Halifax and Bank of Scotland have all today revealed their support for the “Pay by Bank” app from Zapp, which claims to offer quicker, safer and more convenient mobile payments.
The app differs from other mobile payment services such as Apple Pay and Android Pay as it uses the bank’s own security methods to verify the user.
The “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.
Zapp has been growing in popularity in recent months, having announced a partnership with Barclays’ PingIt app last year, with HSBC, first direct, Nationwide, Santander and Metro Bank also backing the app.
Zapp has also secured support from a number of the UK’s leading retailers, with Sainsbury’s, Asda, House of Fraser, Thomas Cook and Shop Direct among those on board.
“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,” said David Yates, CEO of Zapp’s parent company VocaLink.
“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. With four of the UK’s biggest banks now committed to Pay by Bank app, we look forward to the remaining banks coming on board in the near future.”
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