Five UK banks to launch Zapp NFC and QR payments NFCW [Video]

The UK’s HSBC, First Direct, Nationwide, Santander and Metro Bank are to provide their 18 million UK customers with the ability to make NFC and QR code payments from next year, using 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 formed by payments infrastructure operator VocaLink. Merchant acquirers WorldPay, Optimal Payments, Realex and Sage Pay have already signed up for the service. Together, the four processors’ customer base includes 60% of UK merchants.

Zapp uses secure digital tokens that mean 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.

The solution …