UK Money

The Payments Council, which supervises banking transactions within the UK, has today announced ‘Paym’. This new service will enable account-holders to pay friends, family or other parties without having to abstract bank details and other personal information. Simply using a mobile number, UK consumers can wire funds in no time at all. Think of it as a unique account number all your contacts already have noted.

Android has payment gateways available, including Google Wallet, but this new option will make it even easier for consumers to transfer money, without the need for mobile banking or any card/bank information (unless you'd like to view balances and more) to be configured.

If you’re interested in taking part, you’ll be able to register from today should your bank actively support tying your mobile number to an account. Before you assume the system will be vulnerable to fraud, Neil Aitken, from the Payments Council, informed BBC that it’s a secure concept.

"The only thing that people would be able to do if they got your mobile number is pay you - it will be integrated in to your existing banking app so it's password protected."

HSBC, Lloyds, Santander and TSB are just a few of the UK banks who are supporting Paym. Other establishments, including Natwest, RBS and First Direct are reportedly joining later in the year. It’s a great way to receive funds without requiring a smartphone or mobile banking to be set up. As touched on above, all of your contacts who are able to send SMS and make calls to you will now be able to wire funds.

We recommend you check out the new Paym website for more details. Paym will launch on April 29th.

Source: BBC

 
There are 3 comments

B3njamm1n says:

This has been around in Kenya for years called Mpesa (pest is money in swahili) . As far as I am aware, it was invented here and sold off. It is the most convenient thing ever. I hardly ever carry cash on me any more. I can use my mobile to pay for everything: shopping, bills and to deposit cash into my bank account. Get on it guys!

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TonyHoyle says:

This system only allows you to receive money, not send it. To send you use the banks mobile app or website as before.
It fails if you have more than one bank account or more than one phone since it's strictly 1 phone = 1 account.

Personally I probably won't be using it. If someone owes me money they can hand it to me, PayPal it or transfer it properly.

While the banks are mucking around with stuff like this we still have no mobile compatible NFC payment system, which has been 'coming soon' for about 2 years.

speculatrix says:

Telephone interconnects are not very secure so it is quite easy to fake callerid or intercept calls and even sms if you have the right skills and equipment.. this gives the criminals more incentive to develop these techniques.