Barclaycard announced Thursday (Feb. 2) it has partnered with VocaLink to enable its merchants to accept mobile payments via the Pay by Bank app.
In a press release, Barclaycard said Pay by Bank app lets shoppers quickly and securely pay for goods and services on mobile devices without needing to enter credit or debit card details. By using the app at the point of purchase, customers can log into their mobile banking app, which will authorize and complete the transaction. Barclaycard noted that, with more than half of online transactions made through a mobile device, 30 percent of the shoppers give up their shopping cart before making a purchase. The trend of card abandonment is an industry-wide problem, said Barclaycard, for online retailers. Pay by Bank is designed to make it easy to make a purchase and reduce the number of cart abandonments there are.
Barclaycard said that, by partnering with VocaLink, Barclaycard will work with its merchants to provide the payments technology, known as an eCommerce gateway, to authorize and process payments made through the Pay by Bank app. When a transaction is made, the payment is taken from the shopper’s bank account and deposited into the retailer’s account in close to real time, Barclaycard said. The payments are processed using secure digital tokens that encrypt the financial information. In addition to bank security, Pay by Bank app customers can see their account balances before they pay, helping to manage their money more easily.
“Mobile commerce is booming and, with it, brings demand from shoppers to pay quickly and securely. With this, retailers are constantly trying to enhance the mobile shopping experience to make it as safe and frictionless as possible. Barclaycard has a 50-year strong heritage in payment innovations, and partnering with VocaLink is just one way we are improving the relationship between buyers and sellers to continue to make shopping safer, secure and more convenient,” said Paulette Rowe, managing director of Barclaycard Payment Solutions.