Paym is opened up to more customers - Banking - News - Moneyfacts

News

Paym is opened up to more customers

Paym is opened up to more customers

Category: Banking

Updated: 19/11/2014
First Published: 19/11/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

How many times have you wished for an easier way to make payments after spending precious time keying in lengthy account numbers and sort codes? Well, thanks to Paym, a new mobile banking system, making payments to friends and family can be as easy as keying in their mobile number. And from now, even more UK banking customers can benefit from this new payment method.

A growing Paym family

Customers of Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank and Yorkshire Bank can all now register with the Paym system using their mobile phone number. Once signed up to the system, those who bank with Clydesdale Bank and Yorkshire Bank are instantly able to send and receive Paym payments. Customers banking with the other institutions will have to wait a little longer before being able to send payments, but they are able to receive money straightaway.

These banks join Bank of Scotland, Cumberland Building Society, Dankse Bank, first direct, Halifax, Lloyds Bank, Santander and TSB who have already been offering this new service to their customers. Since Paym's launch in April this year, 1.6 million people have registered their mobile number to take advantage of the convenience of Paym, with over £15 million sent using the service.

Maurice Cleaves, interim chief executive of the Payments Council, said yesterday: "Paying back a friend using their mobile number is as easy as sending a text, so it's no surprise that 1.6 million people have signed up for Paym since it launched in April. More banks joining today is great news for customers and we look forward to the service continuing to grow through 2015 and beyond."

How do mobile-to-mobile payments work?

Paym is integrated with your pre-existing mobile banking app and provides you with an additional way to pay.

To receive money through this new service, you simply register your mobile number with your bank or building society (provided they are participating in the scheme) and nominate an account to link it to. Your friends and family can then pay directly into your bank account using your mobile number, with no need to fill in any sort codes or account numbers.

To receive money though Paym, you don't need a smartphone. You also don't have to worry about being out of coverage – the funds will still make their way to your account.

To send payments, use your mobile banking app as normal. This means that your payments benefit from the same security as any other transaction. You then need to select a mobile number from your contacts list or type it in. Paym will ask you to verify the name of the recipient before the funds are transferred, so you can check that you aren't going to enrich the wrong person.

Payments can be made to anyone who is signed up to Paym – even if they are banking with a different provider. Up to £250 can be sent per day, although some banks and building societies will let you send more, so check with your provider first.

Who else is joining the Paym family?

If your bank or building society hasn't signed up just yet, don't worry! The roll-out of this mobile-to-mobile banking service is continuing into 2015, with Ipagoo, Metro Bank, Nationwide Building Society and Tesco Bank all planning to join from next year.

In the meantime, now may be the perfect time to review your current account. Some banks now offer very attractive high-interest deals or other useful benefits, so why not take a look at our best deals and see if there is an offer for you?

What next?

Check out our top current accounts to see if you are getting the best deal

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Simple measures to improve banking security

The payments industry is gearing up for some big changes in the near-future, with the announcement of some key improvements that should help all of us be more secure when banking online.

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!
 
Close