Mobile Phones Will Help You To Make More Payments

Mobile Phones Will Help You To Make More Payments

While there has been a notable shift towards using mobile phones to make payments, it may be that the first massive step forward will come later on in 2014. This is down to the fact that there is a new payment system for mobile phones being launched by the banking industry. This is the area where more people will become involved with mobile phone payments and the name of the system which is likely to pull together in this new style is called Paym, which may sound like a bit of a mouthful but the new system will actually be pronounced as Pay Em. This makes a lot more sense when you think about it!

One of the biggest aims for this system is to ensure that it makes life easier for people who are looking to transfer cash to the bank accounts of other people through their apps. The most integral feature of the system will be that once people have registered their bank account with the Paym system, they will be able to receive or send money. There will be an opportunity to transfer money through knowing the mobile phone number of the person you are looking to make a payment to.

The fact there will be no need to have account numbers, sort codes or other details will make the process a lot simpler. The user will need to create and then use a passcode to gain access to the app, but this is an important security aspect that won’t impact on the speed or ease of use of the system.

Pay off bills to friends in an instant

One of the biggest areas of use that the banking sector is suggesting the new system will be useful for is in splitting bills or paying money to friends. We’ve all been on nights out when there is a bill to be split, perhaps it is concert tickets or a meal and it can sometimes cause people problems in having the right amount of cash or having the money on hand. Having the ability to transfer cash from your phone to someone else’s bank account through the use of their phone will make life a lot easier for many people.
The new system will be able to link up to every single bank account in the United Kingdom as long as the person has a mobile phone number. This means that millions of users will be able to sign up for the system and if there is a big take-up from users, it is likely that the system will become a very popular one. The fact that so many people have a smartphone these days means that this style of system will provide a great benefit to so many people in the United Kingdom.

A number of major banks are involved

Some of the banks that will sign up for the initial wave of Paym include TSB, Santander, Lloyds Bank, HSBC, Halifax, Danske Bank, Barclays and the Bank of Scotland. Later on in 2014 companies such as Yorkshire Bank, Royal Bank of Scotland, Natwest, First Direct and Clydesdale Bank will also utilise the system, which means that there will be a huge number of bank accounts in the country eligible for this style of service.
The system will be a simple one to set up, which is always important when trying to convince new users to take up a system. Paym promises to help building society and bank customers with the chance to link their phone with their account and if people are receiving the money into their account, they will not need to utilise mobile banking or even using a smartphone. While there is a great level of usage for smartphones in the United Kingdom, the fact that there is no need to have a smartphone to utilize Paym is of great interest to many people.
It used to be that the only way to add a personal touch to your phone would be to buy a personalised phone cover but it seems as though you can now use your phone to send money to friends. When it comes to having access to an easier and simpler lifestyle, this is the sort of progress that will make a massive difference.

Written By : Andrew Reilly 
He is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professional for 8 years but has been writing for as long as he can care to remember. When Andrew isn't sat behind a laptop or researching a story, he will be found watching a gig or a game of football.

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