Paym Starts

Paym Starts.

The new Paym service starts today and it is thought that 30m customers will have access to the service which allows bank account holders to transfer money by just using a mobile phone number.

Paym is a secure service which will allow those with a mobile phone number to register and use it to send and receive money without giving bank account details. Some people without a smart phone can use the receive money but not to send.

Customers from banks including HSBC, Halifax, Bank of Scotland, Barclays, Santander, Lloyds and TSB will be able to use the service as soon as their number has been registered with the bank. However, over 5 million people mainly those who are part of Nationwide Building Society will not be able to make payments until 2015.

The service will allow up to £250 per day to be sent using Paym but some banks may offer higher limits.