Pay by Bank app will allow shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details. By using Pay by Bank app payment button at the point of purchase, customers can login to their mobile banking app which will authorise and complete the transaction.
With over half of online transactions now made through mobile devices, 30% of these shoppers ‘abandon’ their cart before completing the transaction. Pay by Bank app simplifies the checkout process and help shoppers complete the purchase.
By partnering with VocaLink, Barclaycard will work with its merchants to provide the payments technology, known as an ecommerce gateway, to authorise and process payments made through Pay by Bank app. The payment is taken from the shopper’s bank account and deposited into the retailer’s account in almost ‘real time’.
The payments are processed using digital “tokens”, which encrypt financial information ensuring that customers never release personal details when they are shopping on the retailer’s mobile website.
Whether users are registering for the first time or paying with a mobile, Pay by Bank app utilises the bank’s own security methods to verify the user. In addition to the trusted bank security, Pay by Bank app customers can see their account balances before they pay.
Merchants already using Barclaycard’s payment gateway services will be able to integrate Pay by Bank app onto their mobile websites.
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