Paym from Payments Council covers more banks than we thought
In our previous story ‘GoMo discovers HSBC bank Paym service by accident‘, we initially thought that this pay-by-mobile service was limited to just our own bank – HSBC. However, it turns out that the service is actually operated by an outfit calling itself the Payments Council and will cover some 30 million people in the UK initially. Besides HSBC, the scheme works with eight other banks. It is aimed at making payments between friends and family much easier as all you need to know is the other person’s mobile phone number. However, participants need to have downloaded and signed up for the online banking service of their own bank via mobile.
The full list of participitating banks besides HSBC includes: Bank of Scotland (not RBS); Barclays, Cumberland Building Society; Halifax; Lloyds, Santander, TSB and Danske Bank.
Adrian Kamellard, CEO with the Payments Council, said, “Paying someone back just got easier for millions of people.”
It will be possible with Paym to pay somebody just by selecting their entry from your mobile’s contacts book rather than having to know their full banking details such as account number and sort code.
Paym now acts as a rival to Barclays’ Pingit app which launched before the London Olympic Games in 2012.
Apparently Pingit is available to non-Barclays customers and if that is the case then Barclays kept that fact secret by mistake.
Anyway, there is another rival to Paym and Pingit on the horizon in the UK.
Called Zapp it is operated by VocaLink which is behind the ‘Link’ cash machine [ATM] service in the UK. The launch date for Zapp is reportedly Q3 2014.