Payments via mobile number to start this month

[Michael Browne]

Bank customers will be able to make payments via mobile numbers from 29 April, the Payments Council has announced.

 

Customers will also be able to register for the new Paym service - pronounced "Pay Em"- from Wednesday 2 April.

http://www.bbc.co.uk/news/business-26836380

 

 

 

Paym explained

 

Paym allows customers to make secure payments to account holders of other participating banks or building societies using their mobile number. It keeps customer account details safe by using a mobile phone number as a substitute.

 

Put simply, if you are in my phone’s contacts list I can pay you straight from my bank account to yours quickly and securely anywhere and at any time of day. I don’t need to know, or remember, your sort code or account number; I can just select your number from the contacts list on my phone, or enter your mobile number.

 

This is the first service in the market which has the potential to link every bank account in the UK with a mobile number.

 

 

http://www.paymentscouncil.org.uk/mobile_payments/paym_explained/

[JoeyJoeC]

What happens if someone changed their number?

[pixwix]

This development - along with contactless cards - is not something I want, asked ofr, or would ever dream of using. The system is secure? Yeah right - now where have we heard that, time and time before? With the last few weeks of Heartbleed revelations, it must be obvious to most sensible people that none of this technology can ever be made 100% secure.

 

After my brother's card was cloned at the till of a major supermarket, I no longer even use my card in shops - I use a bank ATM and shop with cash. Apart from anything else, keeping within a set amount of cash in my pocket has saved me a small fortune. Card technology just makes it too easy for bills to mount - and this new development of paying by phone is designed to solve a problem that doesn't exist (other than the system wanting us to spend more.)

[dvdgremlin]

Giving somebody your bank sort code and account number has led to problems for a lot of people. This transfer via your mobile phone number is far more secure. It keeps your bank details confidential. That has been a problem which you may not have experienced but it doesn't mean it doesn't exist.

 

Certainly using cash may mean that, for you, you have better control of it. For some people it burns a hole in their pocket.

 

I had money taken from an ATM at a bank when I was visiting my mother miles away in hospital after a heart attack. I contacted my bank and their response was that my partner must have used my card and that they would prosecute her. She did not know my pin and did not have my card but that was what they were going to do so I accepted the loss rather than have her prosecuted.

[dvdgremlin]

The way it works is that you register on your own bank's mobile/ online banking app with your phone number. If you change your number you change it with the bank and it moves.

[shylass]

I was just wondering whether there could be a security issue if your phone was ever lost or stolen. I don't really know the pros and cons of these mobile accounts, but could someone who steals a phone gain access to your mobile banking account and empty your bank account, especially if you don't even realise that your phone has gone missing for a few hours/days.

[dvdgremlin]

I was just wondering whether there could be a security issue if your phone was ever lost or stolen. I don't really know the pros and cons of these mobile accounts, but could someone who steals a phone gain access to your mobile banking account and empty your bank account, especially if you don't even realise that your phone has gone missing for a few hours/days.

 

 

if your phone went walkies they cannot access your account or your money because the app is on the phone but the pin to get online to your account isn't.

 

to access your account you call up the app. it contacts your bank over an encrypted link and asks for your pin. u type it in and the remote banks let you in if its correct. if it's not it doesn't.

 

so if you don't give anyone your pin they cannot use your app.

[shylass]

OK thanks dvdgremlin

[gigs]

Giving somebody your bank sort code and account number has led to problems for a lot of people.

Really? Wasn't giving someone a personal cheque which has those details the norm for millions a couple years back? They could only put money in with those details (not withdraw). Unless you mean other problems apart from fraud.

[dvdgremlin]

Really? Wasn't giving someone a personal cheque which has those details the norm for millions a couple years back? They could only put money in with those details (not withdraw). Unless you mean other problems apart from fraud.

 

I guess that depends upon if you call identity theft fraud. There was a program

on channel 4 not long ago. still don't believe me. believe the banks when they say this is secure. or alternatively look it up on the net.

[labrat]

Really? Wasn't giving someone a personal cheque which has those details the norm for millions a couple years back? They could only put money in with those details (not withdraw). Unless you mean other problems apart from fraud.

 

Look up that twit off top gear he tried to say it was safe to give those details out and gave his out on a major site within days he was 500 quid down