Zapp, the UKâ€™s leading mobile payment innovator, today unveils the new â€˜Pay by Bank appâ€™ paymark, the universal symbol indicating to consumers that a retailer accepts a Zapp-powered mobile payment from a bank app.
Clicking the symbol online will automatically open a consumerâ€™s bank app on their phone from which, once securely logged in, they can quickly complete payments. The paymark will also signify that a retailer is able to accept Pay by Bank app payments at the Point of Sale in store.
Pay by Bank app will become the consumer facing brand from launch in summer 2015 â€“ the symbol that they will see and interact with and the one used by Zapp and its financial services and retail partners in their consumer marketing.
Pay by Bank app lets consumers make real-time payments to retailers direct from their smartphone or tablet. Consumers will be able to see their account balances before they pay and choose different accounts to pay from, thereby staying more in control of their finances. Retailers will have a real alternative to the card schemes with a focus on increased conversion and lower costs at the heart of the Pay by Bank app proposition.
Pay by Bank app transactions are protected by a consumerâ€™s existing bank app security. And because the payments use secure digital â€œtokensâ€, customers donâ€™t need to reveal any of their financial details (including bank account details) to merchants when they are shopping. All Pay by Bank app payments are covered by similar protections as exist today for debit card payments, ensuring that in the event of goods not being delivered or an issue with the payment the consumer will be covered.
Peter Keenan, Chief Executive of Zapp, commented, â€œWeâ€™re delighted to unveil the newPay by Bank app paymark ahead of our consumer launch. All of our consumer testing shows that it will be extremely effective in giving consumers the confidence that their mobile payment is backed by their trusted bank. I encourage all Retailers and businesses to ask their acquiring partners about how to get Pay by Bank app, which will deliver better conversion at a significantly lower cost, something the retail industry has been demanding for years.
Zapp will continue to be our company name and also the name we use to describe the coalition of partners backing Pay by Bank App.â€
Zappâ€™s financial services partners, which will offer Pay by Bank app to their customers, already include HSBC, first direct, Nationwide, Santander and Metro Bank.