A new partnership between Barclays and Verifone will roll out a new mobile commerce solution aimed at enabling faster payments across 20,000 retailers.
The deal, announced yesterday (Sept. 23), will integrate Pingit as a payment method for retailers who use Verifone’s mobile commerce gateway. Those 20,000 clients in the U.K. now have the chance to join Pingit’s 70,000 businesses that use the payment solution.
“This is an important partnership as we continue to broaden the range of services and value we bring to our merchant clients, simplifying all forms of payments, across all sales channels, for millions of consumers,” said June Felix, President of Verifone Europe.
This partnership will involve integrating Pingit into the PAYware Ocius m-commerce gateway, allowing any online merchant or retailer to join the service seamlessly. Verifone and Barclays will also work to see how the Pingit service can be more broadly accepted using Verifone’s terminals at physical retailers.
“We want to end the frustration caused by mobile checkout failure because it’s just too cumbersome to laboriously enter long card numbers, and Verifone is ideally positioned to help us achieve this goal. By using Pingit on mobile checkout pages we can give greater confidence to customers and retailers alike. Mobile brings so many advantages to consumers and through this partnership with Verifone we can make the mobile checkout completely frictionless,” said Ashok Vaswani, CEO of Barclays Personal and Corporate Banking.
[bctt tweet=”We want to end the frustration caused by mobile checkout failure”]
According to data cited by Barclays, research shows that roughly one-fourth of consumers who attempt to buy products via mobile devices have had transaction issues. In fact, 55 percent of U.K. smartphone users said they have abandoned a mobile payment purchase because of the slow loading times, or because it was too difficult at checkout.
That’s where Barclays hopes its Pingit app will address those consumer friction points. Instead of having to put in payment card information or addresses, the retailers are able to instantly have access to that data in order to make the transaction more seamless on both ends.
According to Barclays’ data, more than £1.6 billion ($2.4B) has been transferred using Pingit, which has more than 2.7 million registered individual users, with more than 70,000 businesses accepting payments via the app.
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