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UK opening up payments via mobile numbers this month

UK Money
By Rich Edmonds on 2 Apr 2014 09:09 am EDT
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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.

While BlackBerry devices are used by both businesses and consumers, this new system will make it even easier for owners to transfer money, without the need for mobile banking to be configured. That is unless you'd like to view balances and account details.

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. Paym will launch on April 29th.

Source: BBC

Reader comments

UK opening up payments via mobile numbers this month

28 Comments

Paym sounds a lot like Pain. I hope these marketing geniuses thought the name out.

Posted via CB10

Then they should have capitalized or hyphenated it. PayM. Pay-M. Otherwise, I agree that it sounds a lot like "pain."

Nifty Food BBM Channel C003262E5

I'm waiting for Bbm money too, BlackBerry patterned with visa last year, what's happening with that partnership

Posted via CB10

Fraud here we come....
Really great bank transfers over non secure connections what could possibly go wrong.

Banks already make enough mistakes as it is. Why give them another avenue to do so? Possible scenario (that doesn't even deal with security): " Oh, sorry sir. We missed the fact that you changed your mobile number. We will attempt to remedy the headache/pain in the ass we have caused you by quickly locating your funds, which we misdirected to someone else's account. Have a great day! "

Posted via CB10

I've been paying my friends via their mobile number for ages using the rbs app using the pay contacts section, I don't understand how this paym is much different?

Posted via CB10

I think the key difference is that no app is required. You set it up with your bank. Not sure what happens if your phone is stolen and not password protected.

Posted via CB10

Brilliant idea if only the banks had bb 10 Apps :-(
First direct does (android port) yet Hsbc don't, aren't they both the same company really....?

Posted via CB10

Hard to image that a service like Paybox did a fairly similar thing in Germany now almost 15 years ago. Good to see it linked to a bank at the back-end, however.

I will stay with cash. The banks and government really want to get rid of cash. Eliminating cash makes pulling a Cyprus stunt on the general public much easier.

Posted via CB10

Where's Barclays amount the rest of them. This is definitely a getting out of cash in hand habits, and give the government and bank a more visible on all money transactions.

 Z30 ™  Best mobile platform.

As a small one man trader, this will definitely come in very handy and have registered already! Thanks for the heads up!

Posted via CB10

Payments with and to my mobile number?
Idiotic...

Phone numbers are easily changed - at least every time one changes the contract - and from what I know cold calling people with spam and marketing is legal in this country so one should change numbers regularly....

Posted via CB10

This is a matrix of banks, smartphone types and carriers. Makes you wonder if registered users will be managed under one highly secure MDM system.

I'm with HSBC great when i moved up to BlackBerry 10 from OS7.1 i lost my HSBC banking app so can't see this working for BlackBerry users even though they are the most secure smartphone you can get without paying tons for boeings black. Plus i can't believe Boeing haven't colluded with NSA,they do to much business with US government to build a phone that works against its biggest client. So i still believe in BlackBerry for security.

Tapping and flicking on my Zed 10

What happens if a fraudster uses my number to register, so my number is linked to a dodgy bank account, and I don't even know because I might be an old granny or someone with a disability?

Then redirect all payments to "my" phone number? Or simply register with a funky prep@id $IM?

Social Engineering hooray.... NOT

"No Q10?" -> "Buy from Chen... "

I think this could be potentially a good idea. However, how would the tax man get his share? Can I pay employees or contractors this way?

Are they proposing this to deter the use of bitcoins and litecoins?

Posted via CB using my Q10

Both the Paym and BBC website (which was referenced as the source for this article) clearly states that whilst only the recipient's mobile number is required to receive funds the sender still has to use their mobile banking app.

Whether mobile banking apps are secure enough for people on here is for them to decide, personally I'm uneasy with having my bank account on something that can be misused (friends sending prank texts / emails / facebook posts spring to mind (hasn't happened to me though I know others that have had it done to) ).

I am just a little surprised that this article doesn't make it clear how the system will work as it invites ill-informed comment.

Posted via CB10