Mobile payment services app launched to HSBC customers
HSBC and first direct customers will soon be able to pay for some goods and services directly from their banking app.
VocaLink, the global payment partner to banks, corporates and governments, has announced that its payments service app Pay by Bank will be integrated into the banks' sytems.
“We’re delighted to formally welcome HSBC and first direct on board as they begin integration of Pay by Bank app into their mobile banking apps," said Rajiv Garodia, managing director of Pay by Bank.
“We now have six of the UK’s biggest financial institutions, alongside a growing number of retailers and merchant acquirers, committed to delivering Pay by Bank app to their customers.
“This widespread support will usher in a new era of ‘digital debit’ mobile payments using Pay by Bank app, an entirely secure way to pay and be paid.”
HSBC and first direct join Barclays, Bank of Scotland, Halifax and Lloyds Bank, who have all signed up to deliver Pay by Bank app to their customers.
Paul Stoddart, deputy CEO of VocaLink, added: “Pay by Bank app is a transformational service responding to customer demand for fast, secure and convenient payments via mobile.
“We are excited to be bringing Pay by Bank app to both HSBC and first direct customers.”
Pay by Bank app allows users to make a purchase online, via their bank app. Transactions take place in near real-time and let customers see their account balance before they pay.
The payment is made directly from users’ bank accounts and uses secure digital “tokens”, to protect financial details (including account details) to retailers when shopping. Verification is handled by users existing bank apps.
Pay by Bank app is a digital debit technology, which is the payment innovation team within the VocaLink Group.
Last year VocaLink processed over 11 billion transactions with a value of £6 trillion.