Paym mobile service goes live!
Today, the Paym service - which allows you to link your mobile to your bank account - goes live, which is nice for the 360,000 people who have already registered to use it. People will be able to make payments from mobile to mobile, and to give someone money (or get it from them), all that will be needed is their mobile phone number.
Paym already has support from Lloyds, Barclays and HSBC and the banks in the RBS Group will be joining later in the year.
Users of Paym won't need to consistently remember their account numbers and sort codes, so when paying someone, all you'll need to do is select someone from your contacts list or enter their number. The latter, of course, is probably as hard as remembering your bank details, but hey ho. Obviously, all parties will have to be registered with the service.
It looks like Paym will be a goer too as research by Consumer Intelligence discovered that 25% of bank customers said they expect to use the new transferring service, with a particular interest in those aged 18 to 34. For those that said they definitely wouldn't go near it, the main concern focused on security issues and the worry of money going walkies by accident.
Of course, Paym and the banks signed-up with it, have had to jump through the usual hoops to ensure safety for customers.
It is expected that this service will mainly be used by people who want to receive small payments, such as window cleaners, babysitters and weed dealers.