September 24, 2015
International financial services provider, Barclays has signed an agreement with payments technology company VeriFone. The agreement will enable the users to pay for their goods and services through their Barclays’ Pingit app. Barclays’ Pingit app can be integrated as an accepted payment method by Verifone's 20,000 clients using Verifone's PAYware Ocius m-commerce gateway. The Pingit app already has an established chain of 70,000 businesses which are already using the app as one of the payment options for their customers.
Barclays Pingit was launched in February 2012. It was the first service in the UK to facilitate instant payments as well as receipt of money utilizing mobile phone numbers to anyone with a UK current account and a UK mobile phone number, without the requirement to share bank details. Later in February 2015, Barclays became the first British bank to allow people to pay each other and small businesses using just their Twitter handle. Launching on both Android phones and iOS Twitter payments through Pingit, the bank expanded its existing service to social media and a potential 13.5 million Twitter users in the UK. The service was available to all Pingit customers whether they bank with Barclays or not.
The main purpose behind this collaboration is to provide an easy payment solution to its customers and prevent them from cumbersome and tiring long process of checking out. According to a research, around a quarter of consumers who tried to buy products on their phones have had transactions fail, and 55% of UK smartphone owners admit to abandoning a mobile transaction, with slow loading times, the payment process being too complicated and difficulty navigating checkout cited as the most common reasons for abandoning the purchase.
June Felix, President, VeriFone Europe, said, This is an important partnership as we continue to broaden the range of services and value we bring to our merchant clients, simplifying all forms of payments across all sales channels for millions of consumers.
With the help of this service, the customers can pay easily and conveniently on a tablet or smartphone using their Pingit app without entering their confidential information such as payment card details or a shipping address into the retailer’s m-commerce website.
Ashok Vaswani, CEO of Barclays Personal and Corporate Banking, said, We want to end the frustration caused by mobile checkout failures because it’s just too cumbersome to laboriously enter long card numbers, and VeriFone is ideally positioned to help us achieve this goal. By using Pingit on mobile checkout pages, we can give greater confidence to customers and retailers alike. Mobile brings so many advantages to consumers and through this partnership with VeriFone we can make the mobile checkout completely frictionless.
According to the company’s website, more than £1.6 billion has been transferred using Pingit to date, which currently has over 2.7 million registered individual users, with more than 70,000 businesses accepting payments via the app.