Once you’ve contacted your bank and registered your phone number, other people can transfer money into your account without specifying a sort code or account number. Likewise, you can send money to any contact in your address book that has already paired their bank account with Paym.
Thankfully, all Paym-supported transfers are conducted through existing payments and mobile banking apps in the UK, so there’s no need to download yet another rarely used app for your smartphone or tablet.
Most major UK banks are involved, including Barclays, Lloyds, Santander, Halifax and HSBC. Clydesdale Bank, First Direct, Isle of Man Bank, NatWest, The Royal Bank of Scotland, Ulster Bank and Yorkshire Bank will join later this year. The Nationwide Building Society has confirmed it’ll support the scheme in 2015, while Metro Bank is still “finalizing plans to join,” according to Paym.
Featured Image Credit – Shutterstock