Home / Modern Technology / UK bank account holders can now register in Paym’s IOU payment system

UK bank account holders can now register in Paym’s IOU payment system

In the UK the Payments Council today announced that the Paym system that will allow UK bank account holders to make payments to friends and family using a mobile phone number is available for pre-registration before their launch on April 29.

Basically what this will allow the service is person-to-person payments using just a mobile number – no need to remember the sort code or account number of the person being paid, meaning it should be faster and easier to reclaim odd bits of money that you have made to people here and there.

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“Friends tend to make IOUs on a casual basis, with spending dominated by items such as meals, transport costs and cinema tickets. This leisure lending’ is particularly popular among young people with two in five (41 percent) 18 to 25 years having paid for meals for friends,” the organization said. “The informal loans between friends amount to more than £ 2 million per annum in the past six months alone London lent an average of £ 100 to close friends.”

Which banks?

The Payments Council group of financial institutions which determine the strategy for UK payment mechanisms, said Bank of Scotland Barclays Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander and TSB customers can shop today. Customers of Danske Bank will be able to register from April 25.

Shopping, however, is the banking side of things instead of the way the Paym website, although there are page links directly to the correct page of your bank. Once you have managed to do the registration of your mobile number will be linked to a nominated current account, so you will have everything ready to start receiving funds in this account when I apply later this month.

The Payments Council said on April 29, users will be able to send money via Paym directly from the app menu bank. Added to make the payment through Paym the system does not require registration for the service.

Clydesdale Bank, First Direct, Isle of man bank, NatWest, Royal Bank of Scotland and Yorkshire Bank customers join every scheme later this year. At this point, Paym will be available in 9 out of 10 in the United Kingdom customers and current accounts.

With the number of mobile payment services already available, initiatives from Barclays, such as PingIt, the UK already has a number of ways to make small payments to families and friends, but this is the first system to link payments to something as simple as remembering a mobile phone number is not available to 90 percent of the population can see the phenomenal uptake of the service, and to provide registration process can be simplified.

Featured Image Credit – Shutterstock

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