Mobile payment service launched

Extreme close-up of hand holding a modern smartphone with a generic mobile banking app running.This is a version without amounts

%VIRTUAL-SkimlinksPromo%A new mobile payment service with the potential to eventually link up every current account in the country with a phone number has been launched, making it available for use by 30 million people initially.

The new Paym service to enable more people to transfer money just by using mobile phone numbers can be used by customers of Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander, TSB and Danske Bank.
By the end of the year, a total of 40 million people will be able to access Paym, when Clydesdale Bank, first direct, Isle of Man Bank, NatWest, Royal Bank of Scotland and Yorkshire Bank come on board. By that point, Paym will be available on more than nine out of 10 current accounts.

Paym, which is pronounced as "pay em", has been described as the first industry-wide collaboration in the UK which could potentially link up every bank account with a mobile number.

Although it is anticipated that many people will use Paym to make small payments to friends and family, they will be able to transfer at least £250 a day under the scheme if they want. Some banks and building societies will have a higher daily limit.

People need to actively register their mobile number alongside a nominated current account in order to receive money into that account through Paym.

By the end of last week, more than 300,000 people had registered to be able to use the service.

People do not have to register for Paym in order to send money through the service, although their bank or building society does need to be taking part in the scheme in order for them to do this.

The service will allow people to transfer cash payments on their mobile by using the recipient's phone number rather than needing to know their bank account number and sort code. It will be integrated into their existing mobile banking or payment app.

To make a payment, you can either select the contact you wish to pay from your phone or key in their mobile number.

The app will ask you to confirm the name of the recipient and the amount before the money is sent.

Adrian Kamellard, chief executive of the Payments Council, which is overseeing the initiative, said: "Paying someone back just got easier for millions of people.

"Paym is another safe and easy option to pay friends and family."

Payments made through the service are made at the same speeds as existing current account, online and mobile payment services.

More than 94% of adults now own a mobile phone and strong growth in mobile payments technology has already made it easier for people to leave their wallets at home.

Barclays' Pingit app, which launched just before the 2012 Olympic Games, picked up 2.5 million regular users in just 18 months.

Pingit, which is available to both Barclays and non-Barclays customers, also allows people to make payments using just mobile phone numbers.

Another mobile payments scheme, called Zapp, is set for launch this autumn. Zapp is a subsidiary of payments provider VocaLink, the company behind Link cash machines.

Nationwide Building Society has confirmed its intention to join the Paym scheme in early 2015 while Metro Bank and Ulster Bank are also finalising their launch plans.

Last week, the Payments Council announced that people who accidentally send money to the wrong bank account will be able to get better help in clawing it back by the end of next month.

A new voluntary code will mean that people get quicker and more consistent help from their bank or building society after they have alerted them to a wrong payment, although someone who raises such a claim is not guaranteed they will get their money back.

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Mobile payment service launched
I was out shooting one day when my mobile phone rang. The gamekeeper confiscated it, threw it into the air and gave it both barrels of a 12 bore shotgun!
I was doing an aqua aerobics class, but left my phone in my pocket and didn’t discover it had been underwater for about half-an-hour. I decided that I would try and dry it in a sauna. Once dry I turned it on and it gave a couple of feeble flashes before dying completely.
My grandson thought it was not right for my phone to be left out on a cold day on the kitchen table instead of being put away in its cover, so he put it in the microwave to warm it up. He set the microwave on full power for an hour but it blew up long before that, along with my Samsung Galaxy.
I jumped into a swimming pool to escape a wasp, unfortunately with my mobile in my hand.
I was on holiday in Egypt and, after sunbathing for 20 minutes, I decided to go for a swim in the ocean, forgetting I had put my mobile phone in my cleavage for safekeeping. I didn’t notice until I’d been in the sea for 10 minutes, and by that time my phone had stopped working.
I went shopping for a frozen turkey and as I leaned in to try and lug a very large bird from the supermarket freezer my phone fell out of my pocket and into the bottom of the freezer. I could not reach it and had to go and seek help from a sales assistant who was taller than me. When we returned to the freezer, my phone had gone!
I once left my mobile on an armchair. When I returned my mother’s dog had decided that he liked the taste and had eaten nearly all of it.
I couldn't find my phone indoors anywhere. I went into the garden later on to find that my dog had put it in the birdbath.
My little brother took my mobile phone and destroyed it with a hammer.
My nephew put my tablet in the washing up bowl because he said it was dirty.
My four-year-old son purposely dropped my phone into a fish tank because he wanted me to buy a new BlackBerry.
I dunked my phone in my tea because I got distracted and thought it was a biscuit.
I’d had my new phone for just six days, and went to Tottenham play at White Hart Lane. Gareth Bale scored and I jumped up to celebrate whilst grabbing my phone to text my wife, dropped it and smashed the screen.
I left my Nokia phone on the living room table and went off to the kitchen to make a cuppa. When I returned my eight-month-old dog Scooby was looking a bit sheepish. About an hour later I found my mobile in Scooby's water bowl.
I was decorating our living room and had my phone in my breast pocket. As I leant over to dip a brush in a five-litre pot of paint the phone fell out and into the bottom of it.
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