UK opening up payments via mobile numbers this month

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.

iPhone owners have a variety of payment apps in the App Store, but this new gateway 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).

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

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Rich Edmonds

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Reader comments

UK opening up payments via mobile numbers this month


Barclays have had Ping, which is exactly this, for a couple of years now. Never quite understood how it would work unless the recipient was set up with it also, but if there is now a standard that most banks are signing up to it might prove to be the new easier method that everyone uses.

This would make life so much easier. Barclays PingIt is ok but I think a lot of people feel that if they aren't a Barclays customer then they can't use PingIt so they don't, but this isn't the case it's open to anyone with a UK bank account. An altogether universal app would be more approachable to most people. Then it's just about gaining peoples trust.

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