Paym mobile service to allow bank customers to pay by phone number
Mobile users will soon be able to make payments by mobile number alone following a decision by the payments Council to authorise such transactions from 29 April.
Registration for the Paym service is now open for those who wish to forego the usual rigmarole of obtaining the necessary bank account number and sort code by allowing money to be exchanged directly between the owners of any two registered mobile numbers.
Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds, Santander and TSB have all signed up to the service, assuring customers that it is secure.
Anyone wishing to utilise the service must first register for mobile banking with their bank and nominate the account they wish to use, before logging in via their banking app.
An existing contact can then be selected for payment or a new contact created before confirming the amount being paid and typing in a reference. A confirmation message will also be sent to the recipient.