VocaLink today announces that Wirecard, one of Europe's leading specialists for payment and internet technology, has joined the payment providers backing the Pay by Bank app mobile payments initiative. Pay by Bank app is a natural way to use banking apps to pay without the need for consumers to remember their personal details.
Wirecard will bring the power of Pay by Bank app to its mobile payment solution, boon, which lets consumers use their smartphones to tap and pay in store using NFC. In addition, Wirecard will incorporate Pay by Bank app into its UK online merchant acquiring suite of alternative payment options.
As a result of the partnership, boon is the first mobile payment method that can be uploaded via mobile banking. This creates a fully digital mobile-only solution funded by a digital-debit-like payment, without the need for a traditional credit or debit card.
Wirecard’s UK online merchants will benefit from the most innovative, secure and fully digital payment option in the UK. From launch, millions of consumers will be able to pay at Wirecard acquired online merchants directly from their banking app, with the transactions taking place in real time. Payments work through secure digital “tokens”, meaning customers never reveal any of their financial details (including account details) to merchants when they are shopping.
Rajiv Garodia, Managing Director, Zapp and International Business at VocaLink, said, "I’m thrilled Wirecard and VocaLink have come together to better serve millions of UK consumers, boon customers and Wirecard’s online merchants in the UK. The combination of Wirecard and Pay by Bank app will give consumers an easy and natural way to pay from their banking app with the added security of not having to share their personal details.”
Georg von Waldenfels, Executive Vice President Consumer Solutions at Wirecard, said, “Wirecard and Pay by Bank app is a convenient match for consumers and merchants wanting to accept trusted mobile payments. We’re delighted to be working together to deliver mobile payments to millions of consumers.”
VocaLink recently announced that Barclays, Bank of Scotland, Halifax, HSBC and Lloyds Bank have signed up to launch Pay by Bank app. Barclays will be the first bank to make Pay by Bank app payments available to consumers and are now live with a select group of beta customers.