02 February 2017
VocaLink & Barclaycard bring mobile payments to merchants
Pay by Bank app will allow shoppers to pay quickly and securely for goods and services on a mobile device, without the need to enter credit or debit card details. By using the Pay by Bank app payment button at the point of purchase, customers can login to their mobile banking app which will seamlessly authorise and complete the transaction.
By partnering with VocaLink, Barclaycard will work with its merchants to provide the payments technology, known as an e-commerce gateway, to authorise and process payments made through Pay by Bank app. This means that when a transaction is made, the payment is taken from the shopper’s bank account and deposited into the retailer’s account in almost ‘real time’.
This is also carried out using the bank’s own trusted security methods to verify the user. Additionally, due to the payment being made via the customers banking app, they can see their account balances before they pay, helping to manage their money more easily.
VocaLink recently announced that alongside Barclaycard, Bank of Scotland, Halifax and Lloyds Bank have signed up to Pay by Bank app.
Rajiv Garodia, Managing Director of Pay by Bank app, said:
"We are thrilled to have Barclaycard join the growing group of payment providers, financial institutions, and retailers joining up to support Pay by Bank app. Barclaycard brings significant scale to our ecosystem. They have a huge portfolio of retailers that are important in the lives of consumers and we’re looking forward to supporting a more convenient, secure mobile payments landscape making Pay by Bank app the natural way to pay.”
Paulette Rowe, Managing Director of Barclaycard Payment Solutions, said:
"Mobile commerce is booming, and with it brings demand from shoppers to pay quickly and securely. With this, retailers are constantly trying to enhance the mobile shopping experience to make it as safe and frictionless as possible. Barclaycard has a 50-year strong heritage in payment innovations and partnering with VocaLink is just one way we are improving the relationship between buyers and sellers to continue to make shopping safer, secure and more convenient.”