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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.

Windows Phone already has some mobile banking apps available on the platform – Barclays, Lloyds and Natwest to name but a few – but this new system will make it even easier for consumers to transfer money, without the need for mobile banking (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. The program will launch on April 29th.

Source: BBC

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Reader comments

UK opening up payments via mobile numbers this month

11 Comments

Business as usual for them with all things Bing.

But anyway, cool to see this as an alternative to PayPal for easy payments between friends and contacts. Just hope Nationwide also support it eventually.

I'd love a Nationwide app too. I fell out big style with RBS Group (certainly not Helpful Banking), as a student and now graduate they have been horrendous.
In the 9 months with Nationwide they have been amazing - I never knew a bank could be so different.

Just spotted on thier website under 'who's involved';

Nationwide Building Society have confirmed their intention to join in early 2015, while Metro Bank and Ulster Bank are finalising plans to join.

All is well. :D So long as their app comes to Windows Phone too, of course. With UK market share now over 10% they really should be looking at it as a serious consideration.

As usual, Cortana available in English but not available in England. Still, if a country is going to name itself 'US' then we shouldn't be surprised when they view 'THEM' with much suspicion.

Excited to hear Nationwide will be supporting paym, but how is this going to work if there is no banking app for WP? I assume some kind of web site? No chance Nationwide will get an app out to WP customers so there will have to be some work around in place, surely?