VocaLink has announced that its new “Pay by Bank app” service is soon to be available to customers of four of the UK’s biggest banks.
VocaLink CEO David Yates said, "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.
"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."
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.
Lloyds Banking Group retail customer products managing director Stephen Noakes said: "An increasing number of our customers want to bank and transact on the go and we want our customers to have the choice of the most convenient and secure payment innovations available.
"With more and more shopping taking place online we want to offer our customers a service that is a safe and secure way to spend. Pay by Bank app benefits from the same high security as your mobile banking app and makes shopping and paying online more convenient."
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.
Barclays, which will be the first bank to launch Pay by Bank app payments from autumn 2016, Pingit managing director Darren Foulds said: "Mobile banking is the first choice for payments for an increasing number of people. With the introduction of the Pay by Bank app features, mobile payments to merchants are going to be even simpler and more secure for customers.
"We can’t wait to launch the service, and give our millions of Pingit users the opportunity to pay a range of retailers instantly without having to input or share their bank account details."