Barclaycard, part of Barclays Retail and Business Banking, has teamed up with VocaLink, allowing its merchants to accept mobile payments through Pay by Bank app.
The agreement is part of Barclaycard’s ecommerce strategy to make buying and selling faster, easier and more secure for retailers and shoppers.
The collaboration will also be beneficial for retailers as payments app helps decrease cart abandonment rate by simplifying the checkout process.
As per the agreement, Pay by Bank app will enable shoppers to pay quickly and securely for goods and services on a mobile device, without entering credit or debit card details.
Customers, who use Pay by Bank app payment button at the point of purchase, can login to their mobile banking app which will effortlessly authorise and complete the transaction.
Barclaycard will provide the payments technology, known as an ecommerce gateway to its merchants, to authorise and process payments made through VocaLink’s Pay by Bank app. The process will allow crediting the amount from the shopper’s bank account and deposit into the retailer’s account in almost ‘real time’.
In order to safeguard the customers’ personal sensitive data during shopping, the payments are processed using secure digital ‘tokens’ that encrypt financial information.
Barclaycard managing director of payment solutions Paulette Rowe said: “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.”