Forget sort codes – soon you can transfer money by Paym
If you’ve got a mobile and you want to send cash to any bank account, a new secure payment system called Paym can do it for you –without the need for sort codes or fiddly account numbers.
According to the Payments Council, Paym (like, you know ‘PAY ‘EM’) will be available to 40m banking custiomers very soon and will be integrated into banking apps. All the information you’ll need to complete a payment will be the person’s phone number.
So if you’re a Barclays, Bank of Scotland, Halifax. HSBC, Lloyds, Santander or TSB customer, you can be one of the 30 million people who can start using PayM. Then later on in the year, it will be available to Clydesdale Bank, First Direct, NatWest, Royal Bank of Scotland and Yorkshire Bank.
It’s expected that the service will be used to make small payments, like repaying your mate that tenner you borrowed for a lapdance/kebab, but the daily limit will be £250.
Adrian Kamellard from the Payments Council said: 'Paym will enable millions of people to pay securely using just a mobile number from spring this year. In a world where many of us are inseparable from our phones, it's readily believable that more than one billion of these payments could be made in the next five years.’
It’s readily believable alright, Adrian!
Of course, Pingit from Barclays has been doing this for a while, but Paym has much a wider range of customers. There’s also Zapp, which will launch in the Autumn and allow you to pay bills with your mobile.
Which is all very well, but can someone think of some better names for these things? Paym, Pingit and Zapp sound like aliens in rubbish Cbeebies programme.