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Insights

Else help Zapp launch Pay by Bank app

21 September, 2015 - Source: Else

This October will see the launch of the new Pay by Bank app paymark. A revolutionary mobile payment system built into your mobile banking application on your smartphone. The first banking app to take advantage of this new payment system is Pingit. This technology is immediately available to all UK bank account holders. Financial service partners already include HSBC, first direct, Barclays, Nationwide, Santander and Metro Bank all of whom are to offer Pay by Bank app functionality to their customers soon.
  • Pay by Bank app will launch in October 2015
    Pay by Bank app will launch in October 2015

The genius of the Pay by Bank app functionality is that all a consumer needs is a mobile phone, a UK based bank account and their mobile banking app and since no account information is stored online it’s completely secure. Transactions are protected by their existing bank app’s security, so customers don’t need to reveal any of their financial details to merchants when they are shopping.

Paying for good’s and services on your mobile is simple, just choose the Pay by Bank app option wherever you see it online. If a customer is shopping on a mobile device; their bank app will automatically open (initially Pingit) when they click the Pay by Bank app button. If shopping on another device, just pick up your phone and swipe the push notification to complete the payment.

Once logged in to your banking app, consumers can quickly and securely make real-time payments direct to retailers. They are able to see account balances before they pay keeping them in direct control of their finances.

Zapp, the company behind Pay by Bank app, are the UK’s leading mobile payments innovator with the technology being backed by some of the biggest names in financial services and retail. Zapp are part of the Vocalink group which designs, builds and operates the UK payments infrastructure and in 2014 were named Most Disruptive FS Technology at the FSTech Awards.

It has been a three-year journey to develop a product that works so smoothly and Else have been involved right from the beginning. Our expertise in transformative design strategy has enabled us to help the Zapp team build a new vision and an innovative solution for mobile payments.

Else worked with Zapp’s product development team to create the best user experience. Multiple user journeys were exposed and addressed to smooth the payment process dealing with the bumps that could happen along the way. This wasn’t about doing what most other mobile payment solutions or wallets do, working with Zapp, we had the ability and authority to help their expert team build a payment solution for the digital age from the ground up.

Pay by Bank app is the digital equivalent of handing your money directly to the retailer. There are no middlemen. No third party software. You pay directly from your bank account. You are safe in the knowledge that all payments are shielded by similar protections as exist today for debit card transactions. This ensures that if there is an issue with the payment or the delivery of a product the consumer will be protected. Zapp have created a product to make payments faster and more secure whilst giving people visibility of their bank accounts before a payment is made.

For many years, we’ve been promised a future where mobile payments become part of our daily lives. So far, adoption has been low. Whilst other brands have created some compelling and potentially great solutions and wallets, the biggest issue is that they are all standalone payment apps. Zapp differentiates its offering by placing the Pay by Bank app functionality into your existing mobile banking app. In order for a system to take off it needs to reach the tipping point on either the consumer or retailer side. Customers won't adopt a system unless it's widely supported by retailers whilst merchants won't upgrade their hardware until there's enough customer demand.

Pay by Bank app allows users to pay directly from their bank account. The payments use secure digital “tokens”. Customers do not need to reveal any financial details (including bank account details) to merchants when they are shopping. Your 16-digit PAN code on your credit card is static, easy to copy and never changes. With Pay by Bank app each connection between the retailer and bank is unique and dynamic every time meaning your data and payment is far more secure.

Over the 3 year engagement the product and market has shifted. Else have worked on the product side and are now working with Zapp and partner agencies to build out the digital strategy for the coming years. In the next few weeks we will be launching a new website announcing the launch and offering help to people who may need it.

The mobile phone is very much becoming an extension of our lives and will continue to be the battleground for payments innovation. A Barclays study predicts Britons are set to spend £53.6bn a year via smartphones and tablets in 10 years’ time, compared to £9.7bn in the past year. We’re very much looking forward to Pay by Bank app being made available to consumers and being a big part of this change in consumer behaviour.

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