Smartphone service lets users pay via mobile number
Banking customers can now register to use a new smartphone service which will allow them to pay recipients using their phone number.
"Paym" will be integrated into existing mobile banking apps and allow anyone to transfer money without asking for an account number or sort code.
Neil Aitken, from the Payments Council, assured BBC Radio 5 live's Wake Up to Money that the system would be "secure" and password protected.
"The only thing that people would be able to do if they got your mobile number is pay you," he said.
02 Apr 2014
- From the section Business