Pay By Mobile Pay M Start Date

Pay By Mobile Pay M Start Date.

The Payments Council, the combined working body for banking groups, that agrees how cheques, clearing and instant payment standards between banks has confirmed that a new technology known as “Pay M” will be available from 29^th April 2014

What is Pay M?

The ability to pay bills or transfer money simply using your mobile number only. 

Similar to the approach offered by ‘PayPal’, where if both parties are registered, you can send money email address to email address.

This new standard means that if party’s mobile numbers are registered to send and receive money from their bank accounts, then the mobile number can be used to send money ‘mobile to mobile.

Banks that have signed up to Pay M

Bank of Scotland, Barclays, Halifax, HSBC, Lloyds, Santander and TSB.  More to follow no doubt.

What if someone has my mobile number?  Can they send money from my account? 

No, if they have your number the only thing they can do is send you money.

Comment

The world of banking and financial transactions has transformed over the last 10 years.  We are not sure yet as to how they will handle mobile phone cloning. 

We will investigate and report further on our views of security for this system, but we guess it will work if you have downloaded a banking groups encrypted app to your phone and you access this on a secure platform to then send money to another mobile number.