Mobile payments are soaring in popularity in the UK and promising to revolutionize commerce. Millions of pounds are already invested in mobile payments. Smartphones are becoming the hub of Brits daily lives and are now in the pockets of more than 66 percent of UK adults, up from 39 percent in 2012. As mobile commerce activity and smartphone adoption continue to increase, let us look into the following company profiles of major players in UK mobile payment market.
1) Apple Inc
Apple In. provides a mobile payment service known as Apple Pay. The service allows users make payments using the iPhone SE, 7 Plus, iPhone 7, iPhone 6S, 6 Plus, iPhone 6 and Apple Watch-compatible devices. It was officially launched in the United Kingdom on 14 July 2015. Users add their credit or debit card details to make payments through NFC, by moving phones close to a terminal.
Set up in 2013 by the Payments Council, Paym is a mobile payment system that offers a way to receive and send payments to a current account held with a participating building society or bank using a mobile number. The benefits of the company include making relatively small and one-off payments to plumbers, babysitters, and other sole traders.
Google provides a payment service known as Google Wallet that enables people to receive and send money to and from a mobile device. Available on a number of Android devices and integrated with Gmail, it enables users to store bank, gift cards and loyalty and to redeem sales promotions on their phones.
In partnership with four major retailers, PayPal launched its inStore mobile payment app in 2012. In 2015, PayPal brought Paydiant to act as its mobile payments platform. It allows banks, partners, and merchants to fast integrate mobile payments ATM cash access, loyalty and offers into retailers’ branded mobile apps.
Zapp is the UK’s top mobile payment innovator. Zapp’s technology is supported by some of the biggest companies in retail and financial services. The company is part of the VocaLink group of firms, who in 2012 processed more than 10 billion UK payments with a value of more than £4.5 trillion.
Founded by Richard H Harris and Matt Deacon in 2012, Ensygnia is the award-winning mobile interaction firm behind the innovation Onescan omni-channel app. The company allows mobile payments online and enables customers to go from looking to buying in less than 10 seconds. In 2014, the company won Best Software Solution at the Mobile Industry Awards.
iZettle is a mobile payments firm based in Stockholm, Sweden. The company was founded in 2011 by Jacob de Geer and Magnus Nilsson. The company began offering its mobile payment technology through a partnership with mobile operator EE in 2012.The iZettle app allows small businesses and individuals in the United Kingdom to accept payments on their tablet or iOS or Android smartphone.
Founded by Daniel Klein, Stefan Jeschonnek, Petter Made, Jan Deepen and Marc-Alexander Christ in 2011, SumUp is a mobile payment company that enables the acceptance of card payments. The company offers the easiest way for small businesses and sole traders to accept card payment anytime, anywhere by linking SumUp Mobile Credit Card Machine with iPhone, iPad, or Android device.
With a current account and mobile phone, Barclays’ Pungit provides an easy, fast and secure way to send and receive money for free. Once a person registers, other Barclays Pingit users can send him/her money using a UK mobile number, and payments will be sent to their selected UK bank account.
The most major player in the MPoS market is Square, founded by Twitter co-founder JackDorsey. The company linked a card reader to the headphone jack of a smartphone and launched a payment app models. The company has achieved great successes in the US. Although registered in the UK, it is yet to launch a whole host of Square-like companies in the country.
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