15 January 2014
Nationwide Building Society has partnered with Zapp to develop a new and innovative mobile payment service for its five million current account customers. Zapp will enable people to make real-time payments from their smart phones to retailers via their existing Nationwide mobile banking app. Payments will be made using QR codes and pass codes.
Nationwide was the first financial services provider to launch the V.me by Visa digital wallet and Zapp highlights the building society’s continued drive to make it easier for its customers to manage their finances. Other Nationwide innovations include a £1bn new banking platform, one of the UK’s highest rated mobile banking apps and Remote Expert, technology that allows customers to “meet” a mortgage consultant through a high definition video link.
Tony Prestedge, Nationwide’s Chief Operating Officer, said: “By using Zapp, consumers will be able to make quick and secure payments directly from their existing mobile banking app. This announcement follows our launch of V.me by Visa and the deployment of a suite of best rated mobile banking and mortgage apps, showing our commitment to delivering innovative payments and online services. We will continue to invest in new technologies that will make our customers’ lives easier and give them more control of their money.”
Nationwide will work with Zapp throughout 2014 and 2015 to prepare the rollout of the innovative mobile payments system to millions of customers, merchants and businesses. Other organisations working with Zapp include WorldPay, Optimal Payments, Realex, SagePay, HSBC, Santander, first direct, Metro Bank and M&S Money.
How Zapp works
Zapp will put real-time payments on people’s mobile phones through their existing mobile banking app, allowing secure payments to happen between consumers and merchants. As Zapp will work in Nationwide’s own mobile banking app, payments will have the same level of security as the app itself.
Payments will be made directly from Nationwide’s mobile banking app via QR codes or via one-time pass codes (where the customer inputs a unique transaction code to initiate the payment).
Examples of how Zapp works:
A pass code is generated during online checkout and the customer inputs the code into their mobile banking app to make the payment.
Open the mobile banking app, then scan a QR code at the bottom of the bill to make the payment.
- Example: paying a retailer
Open the mobile banking app, then scan a QR code or tap a contactless reader to make the payment.
For more information on how Zapp works, watch this video to experience a day in the life of Zapp.
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.
Nationwide's head office is in Swindon, with an office in Threadneedle Street, London, and with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
Zapp is the UK’s leading mobile payment innovation. Zapp will put real-time payments on people’s mobile phones through their existing mobile banking application allowing secure payments to happen between consumers and merchants. Zapp was established through a strategic £16m investment by VocaLink. Currently Zapp remains a wholly owned, independent, subsidiary of VocaLink with separate board, management and location. VocaLinkdesigns, builds and operates world-class payment systems and ATM switching platforms that in 2012 processed over 10 billion UK payments with a value of over £4.5 trillion.