HSBC, Nationwide, first direct, Metro Bank and Santander have agreed to back the service, which will allow customers to pay in-store using just a smartphone app without sharing their account details with a third party.
The deal means Zapp will be available for at least 18m customers, a third of all bank accounts, when it is launches this autumn.
Peter Keenan, chief executive of Zapp, said, “Zapp will go to market with real scale offering simpler, more secure and efficient payments to millions of customers and businesses.
“I am delighted that these financial institutions and acquirers have chosen to innovate to deliver value to their customers, lead the market and deliver huge benefit to the UK economy.”
According to the Centre for Economic and Business Research, 20m adults will use their mobile phone to make payments by the end of this decade. Similar rival services from Paypal, Barclays and Orange have also been announced.
Dr Neil Bentley, CBI deputy director-general, said:“It’s good to see major banks and building societies developing and adopting new mobile payments technology.
“This will make it easier and safer for consumers to buy things and manage their money, and should also help speed up payments for businesses, especially small and medium-sized firms.”
Share this story