12 November 2015
There’s much more to mobile payments than waving your iPhone over a contactless device. Increasingly people are using a range apps to help them make payments.
One such app is Barclays Pingit. Pingit launched back in 2012 as an easy way for people to pay their friends using their phone number rather than a bank account number.
Its functionality has moved on and today it offers a way for consumers to make payments to businesses quickly and easily. There’s no need to enter credit or debit card details as the app transfers money directly between bank accounts.
- Bill and invoice payments – users simply use the Pingit app to scan a QR code printed on the invoice or bill and complete the payment via the app
- Online payments – compatible online payments solutions such as Pay360’s can detect when a customer is using their smartphone or tablet and offer them the chance to pay using the Pingit app.
Mobile payments from your bank account look set to gain further traction with the release of Zapp’s Pay by Bank solution.
Its new “Pay by Bank app” paymark is soon to be the universal symbol indicating that a retailer accepts a Zapp powered mobile payment from a bank app.
Touching the Pay by Bank app symbol online will automatically open the consumer’s bank app on their phone and once securely logged in they can quickly make a payment. They’ll even be able to view their account balance and choose different accounts to pay from, helping consumers to stay in control of their finances.
Initially, the Pay by Bank app will be available online only, but it has been confirmed that an instore Point Of Sale based option is waiting in the wings, where it is expected payments can be made anywhere that you can currently use a contactless card payment.
Other than making it quicker, easier and more convenient for those increasingly using their mobiles and tablets to purchase online, there are some financial benefits for the retailer too. Typically payments made via a bank transfer will prove to be cheaper than taking the same payment by debit or credit card making it win-win all round.