VocaLink, the UKs national payments provider, announced it will launch a new company to bring a new mobile payment system to market. Zapp gives consumers direct access to the money in their existing bank accounts through their mobile phone and real-time payments.
Research has shown that there are £50 billion of abandoned check outs in the UK and the payment landscape is becoming increasingly confusing, Zapp will allow people to make real-time payments from their mobile, unlocking the money in their current account in a much simpler and more secure way.
Payments will be processed by linking a mobile phone number to a bank account. This means that payments can be made via smartphone with no need to use a card, keeping account details securely hidden and speeding up the payment process. Consumers get greater control because they can always check their balance before deciding to pay.
VocaLink is collaborating closely with a significant group of stakeholders including financial institutions, merchants, merchant acquirers, billers and telcos, to set up, build and deliver a new framework for Zapp mobile payments. This proposition will put the UK at the forefront of payments innovation globally.
David Yates, CEO of VocaLink comments, Speeding up the UK economy as we get back to growth is now crucial to our nation. We are proud to be collaborating with financial institutions and retailers to spearhead the creation of a new payment system, which gives all of us easy access to the money in our bank accounts by using cutting-edge, secure technology through the mobile phone.