Paym is a new mobile payments system that has just launched in the UK, designed to make payments to friends and family a lot easier.
The system uses just your mobile number for payments, so you don’t have to give your friends or family your bank account number and sort code. All you need to give them is your mobile number.
Paym is integrated into customers’ existing mobile banking or payment apps as an additional way to pay, making it possible to send and receive payments using just a mobile number.
Customers need to register their phone number and the account they want payments made into with their bank or building society to receive payments through Paym. Friends and family will then be able to pay directly into any registered account using just a mobile number – no sort codes or account numbers are needed.
How to Register and Use Paym
In order to use the service, you will need to register your mobile number and your bank account details over at the Paym website. Once this is done, payments can be sent and received using just the mobile number that has been registered with the service. The registration process is straightforward and involves linking your mobile number to your bank account through your bank’s mobile app or online banking platform. This ensures that the payments are secure and directly deposited into the correct account.
Benefits and Security of Paym
One of the key benefits of Paym is the convenience it offers. Traditional bank transfers require the sender to know the recipient’s bank account number and sort code, which can be cumbersome and prone to errors. With Paym, all you need is the recipient’s mobile number, making the process much simpler and faster. This is particularly useful for splitting bills, paying for services, or sending money to friends and family in emergencies.
Security is a major concern for any financial transaction, and Paym addresses this by integrating with your existing bank’s security measures. Since Paym is built into your bank’s mobile app, it uses the same security protocols, such as encryption and two-factor authentication, to protect your transactions. Additionally, Paym does not store your bank details, reducing the risk of data breaches.
Another advantage of Paym is its wide acceptance among UK banks and building societies. Most major banks in the UK support Paym, making it accessible to a large number of users. This widespread adoption ensures that you can use Paym to send money to almost anyone with a UK bank account and a mobile number.
To give you an example, imagine you are out for dinner with friends and need to split the bill. Instead of fumbling with cash or multiple bank transfers, you can simply use Paym to send your share of the bill to the person who paid. All you need is their mobile number, and the payment is made instantly.
Source Paym, The Next Web
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
