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Banks commit to mobile payment service

Banks commit to mobile payment service

Category: Banking

Updated: 07/12/2016
First Published: 01/02/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Eight UK banks have confirmed they will be taking part in the introduction of an industry-wide mobile payments services.

The banking industry last year commissioned VocaLink, via the Payments Council, to create a central database to allow bank customers to link their mobile phone number to their bank account, to make payments.

The new service, due to launch officially in spring 2014, will mean secure payments can be made directly to or from a customer's account just by using a mobile phone number. Customers will not have to disclose their sort code and account number.

The service will also offer the technical capacity for financial institutions to remotely disable an account.

  • Barclays,
  • Cumberland Building Society,
  • Danske Bank,
  • HSBC,
  • Lloyds Banking Group,
  • Metro Bank,
  • RBS and Santander

have all so far pledged their commitment to the scheme.

Adrian Kamellard, chief executive of the Payments Council, said: "The mobile payments project is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers.

"This new service will offer a simple, secure way to split a bill for dinner, receive money from a friend or pay a tradesman without needing to remember or share account details," he said.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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