Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

VocaLink to make mobile payments an everyday reality for Brits

Published by Gbaf News

Posted on June 27, 2013

Featured image for article about Top Stories

VOCALINK ANNOUNCE LAUNCH OF ‘ZAPP’ – A MOBILE PAYMENT SYSTEM THAT WILL UNLOCK SIGNIFICANT VALUE FOR UK ECONOMY

VocaLink, the UK’s national payments provider, today announces 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.

Pay, Mobile, Zapp
Research has shown that there are £50bn 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. The UK financial system has a rich history of speeding up the movement of money and ‘Zapp’ is the next evolution. VocaLink has always been committed to driving innovation in payments through initiatives including the launch of the Faster Payments Service in the UK and building the central mobile proxy database on behalf of the Payments Council.”

Launch details
Zapp will be launched to the financial institution and merchant communities by the end of 2013, with consumers able to use the service early next year.