Five UK Banks to Launch NFC and QR Payments
Five banks in the UK — the UK’s HSBC, First Direct, Nationwide, Santander and Metro Bank — are going to make NFC and QR code payments available next year to their 18 million UK customers. The payments use an online and in-store mobile payments service that integrates with the banks’ existing mobile apps.
The banks have all signed up to use Zapp, a mobile payments startup which uses secure digital tokens, which means consumers don’t need to reveal any of their financial details to merchants during a transaction. It is also fully integrated into financial institutions’ mobile banking apps, enabling consumers to see their account balances and select from multiple accounts when they make a purchase.
“Zapp will go to market with real scale offering simpler, more secure and efficient payments to millions of customers and businesses,” says chief executive Peter Keenan.