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Zapp CEO: Payment methods need to evolve

15 January 2014 Last updated at 10:36 GMT

Five UK lenders are to add a mobile payment facility to their smartphone and tablet apps.

Using a smartphone to pay for goods and services using a mobile wallet has been slow to take off in the UK but that may change as some big names such as HSBC, Nationwide and Santander adopt the method.

Peter Keenan, CEO of one smartphone wallet app Zapp, told the Today programme's Simon Jack: "Payments clearly need to evolve.

"Cash is a phenomenal way to pay, particularly in the physical environment - but the online environment is much more difficult."

First broadcast on the Today programme on Wednesday 15 January.

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