Barclays is the UK’s first bank to introduce an in-house contactless payment service for credit and debit cardholders with Android smartphones.
The bank previously announced its intention to add the HCE-based payment feature to its existing banking app, and said it would be introduced in June.
To date, Barclays has declined to support Google’s Android Pay, preferring to push its in-house Contactless Mobile service to account holders.
The push for financial institutions to expand their mobile banking and payments presence continues. These initiatives are the result of the convergence of mobile banking and mobile payments, and banking customers’ expectations that they can use their mobile devices for most every transaction in their financial lives. To respond to this demand, many FIs are seeking to offer new and novel features, many of which include the melding of mobile banking and mobile wallet capabilities.
In some cases this includes the integration of FI mobile banking apps with third-party mobile wallets and contactless payment solutions, and in other cases, they want to offer their own differentiated solutions. Some FIs are working toward offering a branded experience where their name and brand are front-and-center, allowing them to offer a differentiated experience consistent with their brand and market vision.
Overview by Ed O’Brien, Director Banking Channels Advisory Service at Mercator Advisory Group
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