With the likes of Apple, Samsung and Google all releasing their own mobile payment services, Barclays is trying to stay competitive in the highly profitable market by partnering with payments technology company, Verifone.
Barclays’ own payment service, Pingit, will now be an accepted payment method for retailers using Verifone’s m-commerce gateway.
What does this mean?
The most significant result is that any customers of any bank can now pay for goods via the Pingit app almost instantaneously. That is because Pingit eliminates the multi-stage checkout process, the bane of any retailer.
Barclays says the agreement means its Pingit service is now available to Verifone’s 20,000 managed service clients.
Faster checkout crucial
A quarter of consumers who try to make purchases on mobile devices have had transactions fail, whilst 55 per cent of UK smartphone owners admit to abandoning a mobile transaction, according to research by Jumio.
The main reasons cited for this huge drop in conversion rates are slow times, the complexity of the whole payment process and even the difficulty of navigating checkout.
Mobile checkout too ‘cumbersome’
Ashok Vaswani, CEO of Barclays Personal and Corporate Banking, said: “We want to end the frustration caused by mobile checkout failure because it’s just too cumbersome to laboriously enter long card numbers.”
Pingit currently has 2.7 million users has transferred £1.6 billion since its inception in 2012.
Verifone will integrate the Pingit service into its PAYware Ocius m-commerce gateway – making it available to any online merchant or retailer.
The two companies also agreed to explore the possibility of expanding the acceptance of Pingit via Verifone at physical retail and POS payment terminals.
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