Scan to Pay continues to innovate and introduce new payment solutions to consumers and merchants, with a product development strategy that prioritises speed, safety and security. As online shopping habits evolve, today’s sophisticated mobile-first consumer is also looking for convenience and simplicity, with as few steps as possible to complete an online transaction.
The latest tool in Scan to Pay’s armoury is the ‘Pay by App’ feature that enables users to make secure payments directly from their bank and Scan to Pay app. In a process initiated through a deep link between the e-commerce site and the consumer’s banking app, ‘Pay by App’ leverages the user’s banking app integrations to facilitate and authorise secure, real-time transactions. The user is not required to enter any card or account details at checkout, thus reducing the risk of fraud and data breaches.
This new ‘Pay by App’ feature offers superior security, real-time completion of each payment, lower transaction costs and increased levels of trust for both consumers and merchants.
How it works
After browsing an e-commerce site or app, the consumer selects their purchase and puts it in their basket. After proceeding to the virtual checkout, the consumer selects the ‘Pay by App’ option, and they will seamlessly be redirected to their banking or Scan to Pay app, through a secure, deep link between the merchant and the customer’s bank. Further authentication then takes place using their bank’s secure login, whether that is via a One Time PIN, facial recognition or biometrics. The customer then authorises the payment and their bank processes the transaction. Customers are then taken back to the merchant’s site or app with a payment confirmation.
Benefits of ‘Pay by App’ – The Consumer
Consumers selecting the ‘Pay by App’ option at the end of an online shopping session are not required to pull out their bank cards or to remember card numbers. No card or bank account details are shared with the merchant, as the transaction is completed via asecure link between the merchant and the customer’s banking app, ensuring enhanced security and confidentiality. Payment is immediate. All that is required is a smart phone with data and the pre-installation of the relevant banking or Scan to Pay app.
Benefits of ‘Pay by App’ – The Merchant
The secure link between the merchant’s site and the customer’s bank reduces the risk of fraud and lost revenue for the vendor. Payment is received in real time and ‘Pay by App’ also carries low transaction costs. Offering this secure payment option improves user experience and customer retention, potentially improving traffic and sales via the merchant’s site or app.
Pay by App versus traditional payment methods
‘Pay by App’ is next level in the online payment solutions landscape, and is quicker and more streamlined than other manual, bank transfers via card or EFT. ‘Pay by App’ has a lower transaction failure rate and offers a high trust proposition to both consumers and merchants. It offers superior security features with customer authentication and authorisation and no requirement to enter card or account numbers that may be vulnerable to hacking.
Convenient during periods of high-volume online shopping
‘Pay by App’ is the fastest and most secure option for consumers during high online traffic volume, for example over Black Friday weekend and in the run up to Christmas. Black Friday is well known for overwhelming demand and hectic checkout stories. Gateways can be overloaded, leading to potential payment failures, but by using ‘Pay by App’, shoppers can enjoy a fast, seamless payment process, even at peak times. By selecting the ‘Pay by App’ checkout option, Black Friday shoppers can avoid card declines and payment failures which can lose them a bargain. ‘Pay by App’ keeps the process within secure banking apps, ensuring fewer disruptions and more instant confirmations.
Black Friday is also a time when customers are making multiple, sometimes high-value, purchases.
‘Pay by App’ is the most convenient and secure way to make online payments. It is end-to-end encrypted and is fully compliant with all financial services regulations. The process requires no additional sign-ups, is integrated with all major banking apps, is compatible with most e-commerce and merchant app platforms, and allows detailed transaction tracking, meaning multiple benefits for consumers and vendors alike. With ‘Pay by App’ offering this superior level of speed and security, it’s hard to know where the online payment landscape may go next, but wherever that is, Scan to Pay will surely be leading the way.
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