Pay by Bank app allows shoppers to pay quickly and securely for goods and services on a mobile device, without the need to enter credit or debit card details. By using the Pay by Bank app payment button at the point of purchase, customers can login to their mobile banking app which will seamlessly authorise and complete the transaction.
Barclaycard will work with its merchants to provide the payments technology, known as an e-commerce gateway, to authorise and process payments made through Pay by Bank app. This means that when a transaction is made, the payment is taken from the shopper’s bank account and deposited into the retailer’s account in almost ‘real time’.
This is also carried out using the bank’s own trusted security methods to verify the user. Additionally, due to the payment being made via the customers banking app, they can see their account balances before they pay, helping to manage their money more easily.
“Mobile commerce is booming, and with it brings demand from shoppers to pay quickly and securely,” comments Paulette Rowe, Managing Director of Barclaycard Payment Solutions.
“With this, retailers are constantly trying to enhance the mobile shopping experience to make it as safe and frictionless as possible. Barclaycard has a 50-year strong heritage in payment innovations and partnering with VocaLink is just one way we are improving the relationship between buyers and sellers to continue to make shopping safer, secure and more convenient.”