VocaLink, the global payment partner to banks, corporates and governments, has announced that Pay by Bank app, its mobile payments service, will soon be available to customers of HSBC and its subsidiary, first direct.
Pay by Bank app enables people to make ‘digital debit’ payments for goods and services via their banking app, with payment made directly from their current account.
HSBC and first direct join Barclays, Bank of Scotland, Halifax, and Lloyds Bank, who have all signed up to deliver Pay by Bank app to their customers.
Rajiv Garodia, Managing Director of Pay by Bank app, said, “We’re delighted to formally welcome HSBC and first direct on board as they begin integration of Pay by Bank app into their mobile banking apps. We now have six of the UK’s biggest financial institutions, alongside a growing number of retailers and merchant acquirers, committed to delivering Pay by Bank app to their customers. This widespread support will usher in a new era of ‘digital debit’ mobile payments using Pay by Bank app, an entirely secure way to pay and be paid.”
Paul Stoddart, Deputy CEO of VocaLink, said, “Pay by Bank app is a transformational service responding to customer demand for fast, secure and convenient payments via mobile. We are excited to be bringing Pay by Bank app to both HSBC and first direct customers.”
Pay by Bank app provides a simple and convenient way for users to make a purchase online, via their bank app. Transactions take place in near real-time and you can see your account balance before you pay, helping manage your money more easily. The payment is made directly from your bank account and uses secure digital ‘tokens’, meaning you never reveal any financial details (including account details) to retailers when shopping. Crucially, verification is handled by your existing, trusted bank app.