Paym, the new mobile payment system, is now live in the UK, with the free to use service letting you make payments using just a mobile number.
Removing the need to ask friends or family members for their bank account details and sort code, Paym lets you sync your current account directly to your mobile number and make payments simply by entering the desired recipient’s contact details.
A service that is sure to make splitting those restaurant bills a far easier and less socially awkward task, Paym requires both parties to be registered, a process which is free and should only take a couple of minutes to complete.
The Paym payment system works alongside participating banks’ existing mobile applications and as such benefits from the existing security measures.
Within the app users will be able to select payment recipients by manually entering a mobile number or simply searching through their contacts book.
Once users have confirmed the name of their desired recipient the money will be instantly transferred, simple as that.
Featuring similar limitations to cashpoint withdrawals, Paym users will be able to make daily mobile payments up to the value of £250.
At present there are nine UK banks and building societies signed up to Paym. These include Barclays, HSBC, TSB, Halifax and Lloyds bank.
The Bank of Scotland, the Cumberland Building Society, Danske Bank and Santander are the other day one participants with further banks confirmed to join the Paym movement later this year.
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