UK payment processor VocaLink is to launch a new mobile payments service, Zapp.
Zapp will enable consumers to make real-time payments from their mobile phone by linking their mobile number to their bank account.
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When using Zapp to complete transactions consumers load a mobile app and then scan a barcode or tap a reader with their phone.
VocaLink is looking to launch Zapp by 2014 and is currently looking for investors to fund the project.
David Yates, chief executive of VocaLink, said: "We are proud to be collaborating with financial institutions and retailers to spearhead the creation of a new payment system, which gives all of us easy access to the money in our bank accounts by using cutting-edge, secure technology through the mobile phone."
To date, £16m has been invested into Zapp, although VocaLink hopes to raise around £100m to finance the project.
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