LIVE FROM TOMORROW’S TRANSACTIONS: Jim Wadsworth (pictured), product director of UK payment system VocaLink, put a positive spin on the take-up among its backers of proposed app Zapp.

During a Q&A session, a questioner asked Wadsworth why only HSBC of the country’s largest banks had signed up to the app, which is due to launch later this year.

Wadsworth rejected the claim and pointed out that both Santander and Nationwide – both major players – numbered among its supporters, who had a combined market share in the UK of 37 per cent.

But Barclays, Lloyds Banking Group and Royal Bank of Scotland are absent from its list of supporters. All three are among the 18 banks and building societies that own VocaLink.

Zapp will enable payments from smartphones at the point-of-sale.

He also said the team behind Zapp, which has separate management from VocaLink, had research that was “extremely positive” about its potential take up.

VocaLink is also supplying the underlying infrastructure for PayM, the P2P money transfer service which is being launched by the Payments Council.