VocaLink announced Thursday (Dec. 15) that Wirecard, the European payment and internet technology company, has joined the payment provider’s backing of the Pay by Bank mobile banking initiative.
In a press release, VocaLink said the Pay by Bank app is a natural way to use banking apps to pay without the need for consumers to remember their personal details. Under the deal, Wirecard will bring the Pay by Bank app to its mobile payment solution, boon, which lets consumers use their smartphones to tap and pay in-store using NFC. Wirecard will also incorporate the Pay by Bank app into its U.K. online merchant suite of alternative payment options. With the partnership, boon becomes the first mobile payment method that can be uploaded through mobile banking. VocaLink said Wirecard’s U.K. online merchants will benefit from a secure and fully digital payment option in the U.K. Payments work through secure digital “tokens” in which customers never reveal any of their financial details (including account details) to merchants when they are shopping.
“I’m thrilled Wirecard and VocaLink have come together to better serve millions of U.K. consumers, boon customers and Wirecard’s online merchants in the U.K. The combination of Wirecard and Pay by Bank app will give consumers an easy and natural way to pay from their banking app with the added security of not having to share their personal details,” said Rajiv Garodia, managing director of Zapp and international business at VocaLink.
Georg von Waldenfels, EVP of consumer solutions at Wirecard, added in the same press release: “Wirecard and Pay by Bank app is a convenient match for consumers and merchants wanting to accept trusted mobile payments. We’re delighted to be working together to deliver mobile payments to millions of consumers.”