Those four banks are Bank of Scotland, Barclays, Halifax and Lloyds Bank. As part of the launch of the app, these High Street banks have confirmed that they will support this new mobile payments option that enables customers to move money from a customer to a merchant in real time. Like other mobile payments options in the market, the app works using secure digital tokens.
“We’re delighted to announce our partnership with four of the U.K.’s biggest financial institutions, alongside the growing number of retailers who are supporting Pay by Bank app. This service is a convenient way to pay with your mobile, and we look forward to working with a number of High Street brands to bring Pay by Bank app to millions of U.K. banking customers. With four of the U.K.’s biggest banks now committed to Pay by Bank app, we look forward to the remaining banks coming on board in the near future," David Yates, CEO of VocaLink, said.
The Pay by Bank app uses the bank's own security, which offers customers the same trust over their payments credentials as they have when conducting any other banking services. Customers will also be able to see their account balances before they pay in order to better manage their funds.
“An increasing number of our customers want to bank and transact on the go, and we want our customers to have the choice of the most convenient and secure payment innovations available. With more and more shopping taking place online, we want to offer our customers a service that is a safe and secure way to spend. Pay by Bank app benefits from the same high security as your mobile banking app and makes shopping and paying online more convenient," said Stephen Noakes, managing director of retail customer products at Lloyds Banking Group.