A new payment system will help Smartphone users, with accounts at nine of Britain’s biggest banks, to pay people based only on their mobile phone number by using a service named Paym. It is currently in the final stages of testing, with the launch date to be announced in April – when the Payments Council’s service will be available for nine banks and building societies including Bank of Scotland, Barclays, Halifax, HSBC, Lloyds and Santander.
At launch, customers of nine banks and building societies – Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank – will be able to use the new service.
Adrian Kamellard, chief executive of the Payments Council, quoted in a statement : “Paym is a mobile update for payments that means you can pay securely using just a mobile number. Millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay.”
However, PayPal, which has been in the P2P payments business for some time, says Paym is far from revolutionary, issuing a statement saying: “We welcome innovation in the payment industry, and to hear that a service we have offered for the past 8 years is becoming an industry standard is great news. For many PayPal customers Paym will be nothing new; with over 18 million PayPal accounts in the UK, users have been able to send money via their mobile since 2006.”
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