Tesco is to rebrand PayQwiq, its digital wallet app, as Tesco Pay+.

Launched in 2015, the app allows customers to pay for their shopping and collect Clubcard points quickly using their phone.

Users can hold multiple payment cards on the app and use it to pay for shopping up to the value of £250.

Mark Loch, Tesco digital wallets and group payments strategy director, said: “We are really excited to be telling customers today that their digital wallet will soon be changing its name to Tesco Pay+.

We believe that Tesco Pay+ is going to help the customer journey, offering greater little helps

Mark Loch, digital wallets and group payments strategy director, Tesco
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“The journey of our digital wallet has been an exciting one and we’ve learned a great deal about our customers and how they shop in that time.

“We believe that Tesco Pay+ is going to help the customer journey, offering greater little helps, and we’re looking forward to revealing more in a few weeks’ time.”

Tesco said more information about the rebranded service will follow later in September.

Last month Tesco Bank, which operates Tesco Pay+, added a new feature to its mobile banking app making it easy for customers to report their credit card lost or stolen.

The feature allows users to block their card at the touch of a button while keeping their account alive.

Customers can then either cancel it completely and order a new one, or unblock the card if it should turn up again.

Grant Bourbousson, Tesco Bank’s digital director, said: “We want to make banking as easy as possible for customers.

“Millions of credit card customers across the UK contact their bank each year to report a lost card only to find it again.

“By allowing our credit card customers to block their card with just the tap of a button on their phone, this new feature takes the hassle and stress out of those occasions when you think you’ve lost your card, only to find it a little later.”