If you owe small amounts to other people or businesses, then there’s an easy way to pay people using just their mobile phone number.
Because you only ever need someone’s mobile number in order to pay them, you don’t need to ask for their current account number or sort code. And you are paying straight from your account to theirs - so it’s hassle-free.
Plus it couldn’t be easier to start using Paym. You use your existing bank or building society app, so once you’ve registered for the service, you’re good to go. And because Paym has been created by participating UK banks and building socie
ties, strict security levels have been applied.
Paym is ideal for amounts of less than £250. For more details go to the Paym website at http://www.paym.co.uk.
You can now pay your friends, family and friendly accountant using just my mobile number.
Sixteen participating UK banks and building societies now offer Paym, including all the big High Street banks. To see if your bank includes this facility, please click here.
Paym is designed to be accessed through your bank or building society’s existing mobile banking and payments app, so it couldn’t be easier, and it’s just as quick and secure.
It means that you’ll never have to ask anyone for their current account number or sort code (providing they’ve done the sensible thing and registered too).
So now, thanks to participating UK banks and building societies, it’s easy to pay someone back even while you’re on the go!
How does it work?
Registered your business mobile phone number with the Paym system.
Using your provider’s existing mobile banking or payments app, select a my mobile number using your contacts or enter my mobile number manually. You can send payments to anyone who has registered for Paym, even if their account is with a different bank or building society.
Every time you send a payment, Paym lets you verify the name of the recipient before you confirm the payment, so you can check you’re sending money to the right person.
You’ll then receive confirmation that your payment has been sent.
The money will appear in my firm’s bank account; even if my mobile is switched off or out of range.
Payments made through the service happen at the same speeds as existing current account, online, and mobile payment services.
How do you send payments using Paym?
To make a payment, you need to log in to your bank or building society’s mobile banking app as you would normally. Then instead of entering someone’s current account number and sort code, you can either select the contact you wish to pay or manually enter their mobile number.
Every time you send money through Paym, you get to verify the name of the recipient, so you can check you’re sending money to the right person. Once you’re happy, press send and you’ll receive confirmation straight away that your payment has been sent.
Some banks or building societies may also offer the option to send payments without a smartphone. To find out, check with your bank or building society.
Is Paym safe and secure?
Yes. The service has been developed by the participating UK banks and building societies to meet with their high security levels.
What happens if I accidentally send a payment to the wrong mobile number?
Every time you send money using Paym, you get the chance to verify the name of the recipient before confirming the payment, so you can check you’re sending money to the right place.
Is there a limit to the amount I can send?
You can send up to £250 a day, although you may be offered a higher daily limit.
How much will it cost to send a mobile payment?
At the present time participating banks and building societies are not charging for the use of the Paym service. It is however important to check the terms and conditions from your bank or building society and to contact them directly if you would like to know more.