A new way to pay is coming this month, its called PAYM and it will be available from the 29th April.
Customers of the following banks can now register to link their mobile number with their bank account: Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds, Santander and TSB.
Other banks – including NatWest, RBS and First Direct – will join the scheme later in the year.
People who wish just to receive money – as opposed to paying it – will still be able to use the system, even if their phone is not a smartphone, or they do not use mobile banking.
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To send money, a user will have to log into their bank’s mobile banking app, using a pass code as normal.
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They will then have to select the recipient of the payment, using their existing contacts or by typing in that person’s mobile phone number.
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After confirming the name of the recipient, they will have to check the amount being paid, type in a reference for it (such as “dinner”), and then press send.
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A confirmation message will then be sent to them.
You can find out more details on these links:
http://www.paymentscouncil.org.uk/mobile_payments/
So are you going to PAYM?
steve@bicknells.net
We shall definitely research this one we all now seek an easier and instant way to pay and be paid.
It is often not a question of reluctance to pay just an effort for some and can often be time consuming.
Always there is concern of hacking /identity theft etc. we can only put our faith in the security and diligence of the Banks who actively wish to encourage all forms of electronic payment therefore in their interests to maintain safety and reliability within their new systems.
I wonder if this will allow bulk payments to be made, like bulk text messages. Would save a lot of time manually selecting recipients.