NFC Times Exclusive – Mastercard’s planned acquisition of UK payments company VocaLink may offer the final boost needed for VocaLink’s Zapp unit to launch its long overdue mobile payments service, the Pay by Bank app.
Zapp had promised the service in both 2014 and 2015. Now Liam Spence, head of product for Zapp, tells NFC Times that the company had been choosing to wait “until the time was right” to launch. “That means making sure the underlying technology is 100% tested, and we have the necessary critical mass of financial and retail partners on board.” Zapp is now “fast approaching that time,” he said, without mentioning a launch date. A source with Zapp earlier had told NFC Times that the system was not easy to implement, causing the delays.
Mastercard announced on Thursday plans to acquire more than 90% of London-based VocaLink Holdings from its bank owners for about £700 million (US$919 million) in an all-cash deal.