HSBC, First Direct, Nationwide, Santander and Metro Bank will soon allow their customers to buy goods using Zapp once the app launches later this year. So will you be zapping over your payments?
With a number of key banks involved in the scheme, more than 18 million people could be completing transactions with a tap of their smartphone screen by the end of the year.
Security concerns have put people off taking advantage of mobile payments in the past, but if Zapp can provide the public with confidence that their funds will remain safe, this could be a big revolution to the retail and banking industry.
Many shoppers may have opted to avoid the high street this Christmas due to crowds and lengthy queues. Well, Zapp could dramatically reduce these with its promise of real-time payments at the touch of the button. No more waiting for chip-and-pin machines to connect or for cashiers to fumble about with your change. We could be in and out of the queue within seconds. Real-time payments are great news for businesses too.
Lightning fast payments
Zapp has been keen to address consumers’ fears about giving their bank details away to mobile payment providers. Its software integrates directly into existing online banking apps, so that no sensitive data needs to be revealed. And you could use the app when shopping online as clicking on Zapp’s icon will launch your banking app and give it the necessary data. The company also claims that payments will be covered by similar protections as those that exist today for debit card payments.
While more details are needed, the fact that five major banks have already signed up suggests that this is going to be a big trend for the year ahead.
We’ll be checking out the app when it’s available but what are your first thoughts? Are you excited at the prospect of paying for goods with your smartphone or would you prefer to stick to cash and cards?