More people are using their mobile phones to transfer money and make payments than ever before. Paym – the easy way to pay people back using just a mobile number - recently reported a near doubling in transaction volumes over the last six months and now has more than 3.25 million people registered since launching in 2014.
No need for fiddly account numbers or sort codes
Supported by nine out of 10 current accounts, Paym allows you to make payments using a recipient's mobile phone number, without the need for fiddly account numbers or sort codes. Quick, secure and safe, it already features as part of most users' mobile banking apps so there is no need to download anything new. It also benefits from the same level of security currently offered by a user's existing bank or building society.
Follow these simple 5 steps to get started
- Paym is available on more than 95 per cent of current accounts, covering 17 banks and building societies. If you haven't already, download your bank's app, and choose which account you want to link to your mobile number to receive payments.
- If receiving money via Paym, friends can now pay directly into your account using just your mobile number – no sort codes or account numbers necessary.
- If sending money, open up your existing mobile banking app. Select a friend's number from your contacts or enter it manually. You can do this even if you are with different banks.
- Paym lets you verify the name of the person or sole trader you are sending money to before you confirm the payment, so you can check that you're sending money to the right person.
- Paym payments benefit from the same speed and security as existing current account, online, and mobile payments. Most are almost instant, and you get the same levels of security you're used to with online banking.
- There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.