A new payment service called Paym has launched, allowing users to send and receive money using just a mobile phone number.
The Payments Council said those interested in Paym can register to receive payments now, and will have access to the full service from 29 April.
At launch, customers of nine bank and building society brands – Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB – will be able to use the new service.
The Payments Council said in a description of the new service: "Paym will be 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.
“It will be easy to pay a friend back for dinner, pay the plumber or even transfer money between accounts on the move by selecting who to pay from your mobile contacts or by entering a mobile phone number, in your mobile banking or payments app.”
Paym will be further expanded to more banks later this year, including Clydesdale Bank, First Direct, Isle of Man Bank, NatWest, RBS International trading as NatWest, The Royal Bank of Scotland, and Yorkshire Bank.
This will see that Paym is available to nine out of 10 UK current account holders, according to the Payments Council. Nationwide Building Society has also confirmed plans to join Paym in early 2015.
Paym is likely to come as exciting news for many banking customers, although recent news from Kaspersky found that mobile banking malware is the fastest-growing threat facing mobile users.
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