Connecting a mobile phone number to a bank account, the payments will be processed and it does not require a card and helps to keep secure account details, while speeding up the payment process.
In order to establish, build and deliver a new framework for ‘Zapp’ mobile payments, the company has been partnering with financial institutions, merchants, merchant acquirers, billers and telecom companies.
The faster payments scheme has 10 members, including Barclays, Citi, Co-operative Bank, Clydesdale and Yorkshire Banks (National Australia Group), HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank, RBS and Santander UK.
Commenting on the launch, VocaLink CEO David Yates said that the new payment system will provide easy access to the money in the bank accounts by using advanced secure technology through the mobile phone.
It is expected that Zapp will be rolled out to the financial institution and merchant communities by the end of 2013, while the same will be available for consumers from early next year.
VocaLink designs, builds and manages payment systems and ATM switching platforms and its technology is used in the Bacs and Direct Debit schemes as well as connecting the world’s busiest network of over 65,000 ATMs through the LINK scheme.
