Paym is a new mobile payments system that has just launched in the UK, it is 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.
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.
Source Paym, The Next Web
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