In the UK, one of the most exciting things we have seen is the launch of ‘Paym’ a service funded by the Payments Council, which offers person-to-person mobile payments and is powered by VocaLink’s real-time payments technology. The initiative allows individuals to send, receive and move funds directly from account to account, via their mobile phone and without the need for sort codes or account numbers. With nearly 2 million registrations to date and £26 million transferred via the service in 2014, there is clearly great interest in the service and a burgeoning interest in mobile in general.
The accomplishments of VocaLink have not gone unnoticed, and the success of UK payments initiatives has attracted attention from around the world. Consequently, VocaLink is fast becoming a major force in international payments. “Last year, our technology and expertise helped introduce real-time bank transfers in Singapore. This was the first time a real-time payments infrastructure outside of Europe has utilised the ISO20022 standard. We continue to see a worldwide movement towards real-time payment systems and there is significant international interest in VocaLink’s capabilities” says Mr Yates.
One such capabality currently being developed is Zapp, an application that integrates bank systems with the world of e-commerce. Consumers and businesses can use Zapp to conduct e-commerce and m-commerce directly from their bank accounts with the highest standards of simplicity and security, whilst offering both certainty and control. Zapp puts financial control firmly into the hands of the consumer, even providing an account balance before a purchase is made. Small businesses and merchants will be able to improve their cash flow and tighten control, while offering a more engaging user experience. There is already great support for Zapp from banks and retailers, and the service is due to launch later this year. “The key to success is to make payments as easy and friction-free as possible. The elegant simplicity of Zapp aims to build customer loyalty and reduce the customer drop-off rate, to ensure more business gets done” says Mr Yates.
Economies across the globe are realising the benefits of moving towards real-time payments technology, and with its experience of building and delivering domestic and international real-time payment solutions, VocaLink is perfectly placed to help make immediate mobile payments an international reality.