New mobile phone payments system to launch today

A new system allowing payment via mobile phone for bank customers has been announced and will be rolled out from today.

The move, announced by the Payments Council, will mean that instead of using bank account numbers and sort codes to make payments, registered users will be able to make payment via a mobile phone number.

The system, called Paym, pronounced “Pay Em”, will go live today, Wednesday 2 April.

People already using the following banks will be able to register and link their account to their mobile: Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds, Santander and TSB.

Speaking to BBC Five live this morning, Neil Aitken, from the Payments Council said that the system was secure. “The only thing that people would be able to do if they got your mobile number is pay you - it will be integrated in to your existing banking app so it’s password protected,” he said.  

NatWest, RBS and First Direct will join the scheme later in the year.

Non smartphone users will also be able to receive payments through the system, though they will not be able to make them.

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