A new app is going to let shoppers in the UK leave their wallets at home. Instead, they can use their smartphones to pay the bills. Metro Bank, Nationwide, HSBC, Santander, and First Direct are all going to allow their collective 18 million customers to use Zapp mobile payments in order to cash out at stores.
This collective group makes up about 33% of all bank accounts in the UK and over 60% of the businesses in the UK are set up so that they can allow the Zapp mobile service to be accepted as a viable form of payment. Zapp is going to be integrated so that it works as a full mobile banking app allowing customers to see balances from multiple banks all at once so that they can choose which account they want to pay with.
The service is set up pretty simple. When customers arrive at a store that is willing to take Zapp payments they will get a special code set to their mobile or they can scan a code from the store into the mobile phone. The code will contain all of the transaction information such as the retailer’s details, the price, and additional information about what is being purchased. The mobile user will be able to see everything on their screen before they finish their payment.
Once the code is uploaded and the details are on the screen customers are able to reject or confirm the transaction with just a hit of the finger. According to Zapp the entire process should only take the average customer about 12 seconds to complete. Banks believe that the technology is much safer than credit transactions because each code is unique and will expire after three minutes has passed making it harder to steal any identifying pieces of information.