A service launching at the end of April will allow people to make payments on the go without a bank account number or sort code.
According to bbc.co.uk, to pay someone on the go, both parties need to be signed up to Paym. This service then allows a payment to be made using just a mobile phone number, making the process much simpler. People can even use it to pay their bills.
From today (April 2), Brits can sign up to the service and link their mobile phone number to their bank account. A wide variety of banks are taking part in the Paym service, including Barclays, TSB and Halifax. Additional banks, such as Natwest, will join the service later this year, reports freshbusinessthinking.com.
To send money, people will still need to log on to their mobile banking app, but anyone wishing to just receive funds only has to sign up to Paym. This means they don’t have to have a smartphone or use mobile banking. Once a payment has been sent, the receiver will have a confirmation message sent to them.
Brits increasingly need to be able to perform everyday tasks on the go and the launch of the Paym service demonstrates just how commonplace it’s becoming to do everything via a mobile phone.
Neil Aitken, from the Payments Council, the providers of the service, says the system is very secure. “The only thing that people would be able to do if they got your mobile number is pay you – it will be integrated in to your existing banking app so it’s password protected,” he explains.