Companies have been touting mobile payment systems for years. That’s the ability to pay somebody quickly and simply via a mobile phone. There has never been a standard and entering people’s bank details on a phone has always been fiddly. Until now.
Paym is a new standard offered by the people who run the cheque clearing service and adopted by many UK banks. It runs as an extension to the banks’ existing mobile payment solutions, allowing you to enter a person’s (who has signed up) mobile number, or select them from your phonebook, and then send money to them. No need to enter fiddly bank details or worry if you are sending money to the wrong account.
With the kind of players who are involved with it this really could become a new standard.
Currently it is focused on individuals (payment to one mobile number and limited to £250), but it certainly could be used by small businesses/freelancers to receive small payments, something that it is often quite difficult to collect. (We are signed up for it for instance, just in case when somebody has asked for a small piece of advice it makes it easier for people to pay).
Who knows where the future lies, but I encourage you all to read more about it at www.paym.co.uk and maybe even sign up with your bank – this is a major step forwards for mobile payments (and it deserves our support as companies such as PayPal, who skim a little off the top of every transaction (a little too much?) aren’t involved!)