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Zapp gets support of leading UK finacial services brands

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Sharath Kumar
New Update

LONDON, UK: Zapp has today announced partnerships with many of the UK's leading financial services brands to implement its mobile payment service.

Eden Zoller, principal analyst in Ovum's consumer team provided the following reactive comments:"Zapp has taken its time and put in place a solid foundation for its mobile payment service ahead of the launch, instead of rushing to market with a half-baked offering. Integrating Zapp with existing financial services is a good move as these are the brands that consumers trust the most to deliver m-payments, as shown by Ovum's Consumer Insights survey where 32 per cent of UK respondents chose banks as their most trusted m-payment service provider. The Zapp application looks like it is trying to keep things simple and convenient for consumers. The Zapp application does not require consumers to directly reveal account information to third parties, which might ease the concerns consumers have with security of mobile payments. In Ovum's Consumer Insights survey*, 52 % of UK respondents did not think m-payments were secure.

"The ability to provide scale is a critical success factor for mobile payments and Zapp has made a promising start by signing the financial brands announced. However, to succeed in its ultimate goal of becoming a single, industry wide m-payment platform, Zapp will need to get the other major UK financial institutions behind it, such as Barclays that has its own Pingit application that is proving popular in its own right. Alongside this with more countries and regions developing faster payments like infrastructure, if Zapp proves successful in the long term, it could prove to be a model for other markets. Visa and MasterCard will likely be watching developments closely."