Thursday, 8 May 2014

Paym - Mobile Payment Technology



A new system has now been created that allows online banking customers to send and receive payments by just using a mobile phone number. Paym is run by the Payments Council, this is an industry body that is expecting at least one billion mobile payments to be made by 2018.

To use Paym you need to register your mobile phone number with your bank and download your bank's mobile app. Then instead of adding a payee's sort code and account number to make a transfer, you simply select their number from your phone book and you can transfer up to £250 per day. All mobile number payments are sent and received at the same speed of existing online transfers.

Two top questions people are asking about this service is why do we need this and is it safe? We need this as it is more convenient to pay someone by using their mobile number in your phone book rather than having to write down sort codes, account numbers and bank names, it is just helping make transactions more easier and quicker.
Now onto the safety side. The Payments Council insists that the new technology is completely secure as customers will still need to login to their online account, so the same security as used previously will still apply. As with any new technology their is always fraud risks so they do still recommend that you check your account frequently to make sure that their is no suspicious activity.

Does Paym sound like something you will be using? Or will you stick to the good old sort code and account number?


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