The UK Payments Council has announced they are to launch a new way to pay using a mobile phone number.
The app, called “Paym”, is expected to be launched in April 2014 and will enable users to send and receive payments using just a mobile number.
Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Loyds Bank, Santandar and TSB Bank will be able to use the Paym app from its launch date, followed by Clydesdale Bank, First Direct, Isle of Man Bank, Natwest, Royal Bank of Scotland and Yorkshire Bank when the service is extended later in 2014.
“Paym is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers. This new service will offer a simple and secure way to split the bill for dinner, receive money from a friend or pay a tradesman without needing to remember or share account details.” Adrian Kamellard, Chief Executive, Payments Council
The app will enable users to pay bills, friends and family members or transfer funds between accounts, either by selecting an existing contact stored within their phone or by entering a new number.
Source: Payments Council