Zapp unveils new consumer mobile payment brand ahead of summer launch
In the week that Apple announced its payment solution Apple Pay will hit UK shores next month, mobile payment solution provider Zapp, whose technology allows consumers to make real-time payments on their phones and tablets, has announced it is to relaunch with a new consumer facing brand this summer.
‘Pay by Bank app’ will be the new consumer brand with a universal symbol that will indicate to consumers that a retailer is able to accept a Zapp-powered mobile payment from a bank app. Clicking on the Pay by Bank app symbol online will open a consumer’s bank app on their mobile allowing them to complete the payment after securely logging in to the service. Consumers will be able to see their account balances before they are paying and choose which account they want to pay from whilst for retailers the solution will offer alternative payment methods to card schemes.
Transactions are protected by consumers’ existing bank app security as well as the fact that tokenisation of payments – where financial details are not revealed to merchants when shopping - means extra safety measures are in place.
Peter Keenan, chief executive of Zapp, said the new paymark should change how retailers operate. “All of our consumer testing shows that it will be extremely effective in giving consumers the confidence that their mobile payment is backed by their trusted bank. It will deliver better conversion at a significantly lower cost, something the retail industry has been demanding for years,” he said.
Although Zapp will remain the company name, as well as the name used to describe the partners that back Pay by Bank App, it will be Pay by Bank App that is the brand used by both Zapp and its financial services and retail partners – who include the likes of HSBC, Nationwide and First Direct - in their consumer marketing from this summer.