5 UK financial institutions back Zapp m-payments

Thursday 16 January 2014 00:16 CET | News

Five UK financial institutions, HSBC, first direct, Nationwide, Santander and Metro Bank, are set to roll out Zapp mobile payments for their customers.

Zapp is a wholly owned, independent subsidiary of UK-based payments system and ATM switch provider VocaLink.

Under the terms of the roll out, Zapp is to be integrated into the five UK financial institutions existing mobile banking applications, providing payments between consumers and merchants without the need for a digital wallet. Customers will be able to see their bank account balances and select the account they wish to make the payment from.

Zapp payments generate digital tokens, which hide customer bank account details from merchants.

In October 2013, Zapp partnered with payment providers Optimal Payments, Realex and SagePay to provide digital and mobile payments solutions to merchants and their customers.

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Keywords: UK, financial institutions, banks Zapp, m-payments, mobile payment, digital token, HSBC, First Direct, Nationwide, Santander, Metro Bank, VocaLink
Categories: Payments & Commerce
Countries: World
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