Paying for online shopping by laboriously typing out debit or credit card details could soon become a thing of the past, with NatWest becoming the first major lender to start trialling payment by bank transfer instead.
NatWest, part of state-controlled Royal Bank of Scotland, is trialling the fast-track payment system with mobile phone chain Carphone Warehouse. It has contacted other retailers about rolling it out further if the trial proves successful.
Consumers who choose the option will be redirected to the NatWest website to validate payments, either by using fingerprint authorisation on a mobile phone if this is set up, or by inputting their online banking login details.
The method also cuts out the “3D secure” verification step to further speed up payments.
NatWest is utilising so-called “Open Banking” technology – which was launched at the start of the year to boost competition in financial services – to offer the service.
The bank said a “secure token” passing between the bank and retailer would ensure the transaction could take place securely.
Source: The Telegraph