Barclays and Verifone Team Up to Simplify Mobile Payments
On September 23, Barclays announced it would be partnering with Verifone to improve mobile commerce transactions.
Retailers using Verifone’s m-commerce gateway will now be able to join the 70,000 businesses that are already using Barclays Pingit app. Consumers will be able to use the app to pay for goods on their tablets or smartphones without putting in credit card information or a shopping address.
This agreement came after a study showed 55% of UK smartphone owners have abandoned mobile transactions due to slow load times and the complicated and difficult process involved. Additionally, an estimated 25% of mobile transactions fail.
Both John Felix, president of Verifone Europe, and Ashok Vaswani, CEO of Barclays, stated that this partnership would make it easier for customers to complete mobile transactions. Vaswani called the current process “too cumbersome” and added “through this partnership with Verifone, we can make the mobile checkout completely frictionless.”
Any online merchant will be able to take advantage of the integrated Pingit and Verifone PAYware Ocius m-commerce gateway. Barclays and Verifone are also considering expanding the acceptance of Pingit to traditional brick-and-mortar stores.
To date, Pingit has over 2.7 million individual users, and more than 70,000 businesses accept payments via the app. More than £1.6 billion (about $2.4 billion) has been transferred.
A consumer does not need to have an account with Barclays to use Pingit. The app is available on Android, Apple, Windows, and Blackberry devices.