British investment bank Barclays is accelerating growth of Pay by Bank app, the new payment method created by Mastercard’s Vocalink business.
Image: Pay by Bank app was developed by Mastercard’s Vocalink business. Photo: courtesy of MasterCard.
The bank said Barclaycard merchants now have the opportunity to accept mobile payments via Pay by Bank app.
The Pay by Bank app is planned to be made available for a greater number of consumers to make their payments through the app, said Barclays.
The British multinational bank revealed its plans to roll out the Pay by Bank app on its Barclays Mobile Banking App in 2020, thereby benefiting more than six million users.
Currently, the payment app is live on the bank’s Pingit app, which is a mobile money transfer app.
Barclaycard payment acceptance head CEO, global head Rob Cameron said: “Thanks to significant investments in our platform, clients have access to a growing range of payment types, each of which can help them increase market share by meeting the needs of more customers.
“With mobile now an essential part of every retailer’s channel strategy, we’re excited to be partnering with Mastercard to help our clients make their mobile customer experience as safe and as frictionless as possible.”
Barclays said that as it is the only bank in the UK to be an issuer and acquirer, its planned introduction of the app to both merchants and consumers will fast track the growth of the Pay by Bank app by simultaneously adding supply and demand.
According to the British bank, the Pay by Bank app enables shoppers to quickly and securely pay for goods and services through a mobile device, without having to enter payment details, logins or passwords.
During the checkout process, customers have to select app and log into their existing mobile banking app to authorize and complete the purchase.
The bank claimed that merchants, who will adopt the technology, are expected to achieve higher conversion rates for mobile transactions as consumers do not have to input payment details manually. Additionally, the app also helps in lowering levels of fraud because of robust customer authentication and simpler digital dispute system.
Barclays mobile payments managing director Darren Foulds said: “Consumers now want to pay quickly and securely in a variety of ways, whether that’s in person, online or on the go.
“By leveraging Barclays’ unique position as both an issuer and acquirer, our planned rollout of Pay by Bank app will simultaneously give customers and businesses more choice in how to make and take payments.”