The Asian Banker

Heightened consumer demand spurs development of mobile P2P payments in the UK
VocaLink will play an important part in UK’s ambitious plans to start the roll out of a national mobile P2P payment initiative during 2013.

Jan 17, 2013 | Carol Wheatcroft

As a result of an agreement reached by eight UK banks (Barclays, Danske Bank, Lloyds Banking Group, HSBC, Metro Bank, Royal Bank of Scotland and Santander) representing 90% of UK current accounts, through the auspices of the UK Payment Council, the banks are planning to use mobile phone numbers as a proxy for bank account details to enable widespread person to person (P2P) payments to take place. The service is expected to be fully operational by spring 2014 and is thought to be the first time a group of banks will run a mobile P2P payment service with near real-time settlement. A central…

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Categories: Channels, Mobile Banking, Retail Banking, Retail Payments, Technology & Operations
Keywords: VocaLink, P2P Payment, BACS, LINKS, Faster Payments, UK Payment Council, First Data, Accenture, Reserve Bank of Australia
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