Payments and ATM platform provider VocaLink has formed a new company, Zapp, according to a press release. The service will allow U.K. customers to make real-time payments with mobile phones by linking their phone number to their bank account.
“At participating retailers, users shopping on their phone or tablet who click the pay by Zapp button will be taken to their mobile banking app, where they will be shown their account balance before being asked to confirm the transaction,” the release said.
Users will then need to enter a six-digit Zapp code to complete the transaction.
VocaLink said it plans to unveil the credit card alternative in early 2014, and is currently signing up banks and retailers in preparation for the launch.
Read the full press release here.