Mobile Payment System "Good to go!"
Online customers from nine banks/building societies will soon be able to pay vendors using their mobile phone number.
A new service called Paym was unveiled on Monday by the Payments Council.
It is the first payment service with the potential to link every current account in the country via a mobile telephone number launching this April or May.
The Payments Council, said: "Paym is a mobile update for payments that means you can pay securely using your mobile number.
"Millions of people will be able to use it, we look forward to expanding Paym even further, everyone can benefit from this simple, secure new way to pay."
Paym, which has been in development since 2011, will be available to customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank.
The service will be integrated into customers' existing mobile banking or payment apps as an additional way to pay. Brick technology will be integrating this in to our customer’s e-commerce websites.
6 UK banks have also joined Zapp, which lets customers pay in store and online without cash or cards (a mobile wallet)
How will Paym work?
Users register their mobile phone number and select the account they wish to link to.
Even without a smartphone will still be able to register their mobile number and receive payments.
Paym will integrate into an existing banking application as an additional payment method..
Visitors will select a link in the Brick checkout system and send money, a daily limit of around £250 is expected.
Please contact Hannah Gilrane on 01254 277190 to find out how we can integrate mobile payments for your business.
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