In addition, a greater number of consumers will also be able to pay using the functionality; in 2020 Barclays will be rolling out Pay by Bank app, currently live on its Pingit app, on its Barclays Mobile Banking App. This means over 6 million users will be able to benefit from the service.

As the only bank in the UK which is both an issuer and acquirer, Barclays’ planned roll-out to both merchants and consumers will accelerate the growth of Pay by Bank app by adding both supply and demand simultaneously.

Pay by Bank app allows shoppers to pay for goods and services on a mobile device, without the need to enter payment details, logins or passwords. Customers simply select the Pay by Bank app option during the checkout process, at which point they log into their existing mobile banking app to seamlessly authorise and complete the purchase. Merchants adopting the technology should see higher conversion rates for mobile transactions, because consumers don’t need to manually input payment details, as well as lower levels of fraud, due to the strong customer authentication and simpler digital dispute system.