Millions of people across the UK are set to be given a technological boost after it was announced today that a new app will be unveiled in autumn that enables consumer to purchase goods via their smart phone.
Zapp, is set to be released in October this year and is set to enable 18 million British current account users with First Direct, Nationwide, Santander and Metro Bank make payments for goods with a simple click on their smart phones.
It is believed that the new system will solely function for online buys at first, but will then be universally expanded by 2015 so that shoppers can ëleave their wallets at homeí.
The news marks the latest in a series of events that has seen financial organisations try and move away from traditional credit and debit cards to a mobile, digital form of payment.
The App will work by synchronising with current banking apps on portable devices. Once this has been achieved, it will despatch a code to the users portable device as soon as they click the ëpay by Zappí button and will then be able to pay via the code after alerting a member of staff that they desire to pay in this manner. Users can also pay by placing the code and handset on a scanner in order to pay for any cashier goods.
All financial banking details needed for purchases will be placed within the special code, including the cost of the foods, the retailerís banking information, details on the item being purchased and your own personal banking details as well. Zapp estimate the entire purchase process will take just 12 seconds to complete, making it vastly quicker than existing payment methods.
Peter Keenan, chief executive of Zapp has also identified his belief that the new payment option will improve the safety of making banking transactions in the future, arguing that consumers will benefit from not having to take their card out or possibly reveal their pin number anymore.
"It is engineered so that it doesn't have to share any information with the retailer," he said. Banks also claim the technology will be safer, as the unique code for that purchase will expire after three minutes.
Ernest Doku, a market expert on telecoms said: "The days of cash and debit cards could be numbered. The ease of managing everything ñ your diary to online payments ñ from your smartphone with mobile payment technology, could see the wallet become a thing of the past.
"For those worried about the security issues of paying from your mobile, Zapp's use of 'digital tokens' ñ which mean consumers don't need to reveal any of their details to merchants ñ as well as offering the same level of protection as debit cards, should give many consumers the peace of mind they need to embrace this technology and revolutionise
how they shop and manage their money."