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Forget worrying about sort codes - mobile-to-mobile cash transfers coming soon

Former_MSE_Michael
Former_MSE_Michael Posts: 95 Forumite
in Budgeting & bank accounts
"Smartphone users will soon be able to pay for goods and services simply by using the recipient's mobile phone number..."
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Forget worrying about sort codes - mobile-to-mobile cash transfers coming soon

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Comments

  • Hooloovoo
    Hooloovoo Posts: 1,281 Forumite
    I can already pay my contacts with the Natwest app.
  • Tony5101
    Tony5101 Posts: 1,589 Forumite
    1,000 Posts Combo Breaker
    I think that this will be very similar to the Barclays Pingit app/service. I use this all the time to send money to my daughter etc. Quick and simple.
    If this new service extends this type of functionality inter-bank, then it gets a big thumbs up from me.
  • Lifes_Grand_Plan
    Lifes_Grand_Plan Posts: 1,107 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    Sounds like heaven, looking forward to trying it out.
    A big believer in karma, you get what you give :A

    If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
  • Herbalus
    Herbalus Posts: 2,634 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    users need to log into mobile banking to use the service
    So my banking apps (I have four) won't allow me to log in and set up a new payee, but they will soon allow me to log in and send money to a phone number?

    Another interesting point is that those with more than one bank account will presumably only be able to link one account.
  • zerog
    zerog Posts: 2,478 Forumite
    Herbalus wrote: »
    So my banking apps (I have four) won't allow me to log in and set up a new payee, but they will soon allow me to log in and send money to a phone number?

    Another interesting point is that those with more than one bank account will presumably only be able to link one account.

    I don't see the problem with only being able to link one account per bank.

    I don't really want to link my bank accounts to phone numbers, but I could just get a free SIM for this. The advantage compared to regular bank transfer is that it appears you will be able to check the number against the name, before you send the money.

    What I hope you will be able to do is use the regular internet banking service to send money to a phone number.

    I don't use bank apps as I prefer to use the normal online banking interface. I also only view desktop versions of websites on my phone.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    "What if I accidentally type in the wrong mobile number?

    When you enter a number to make a payment, the service will check whether the recipient is registered and then display their account name.

    So if you've mistyped a number, the wrong name will appear and you'll be able to cancel the request."

    - Something that faster payments should've done from the beginning. Oh well.
    What will your verse be?

    R.I.P Robin Williams.
  • platterfish
    platterfish Posts: 437 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    matttye wrote: »
    "What if I accidentally type in the wrong mobile number?

    When you enter a number to make a payment, the service will check whether the recipient is registered and then display their account name.

    So if you've mistyped a number, the wrong name will appear and you'll be able to cancel the request."

    - Something that faster payments should've done from the beginning. Oh well.

    If I type the wrong number can I find out that person name. Id sooner someone not type my number in by accident, then know my name.. and then potentially call me..
    Is it possible they will use a username instead?
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    platterfish wrote: »
    If I type the wrong number can I find out that person name. Id sooner someone not type my number in by accident, then know my name.. and then potentially call me..
    Is it possible they will use a username instead?

    I'd imagine so otherwise the opportunity for fraudulent phone calls will be massive.
    What will your verse be?

    R.I.P Robin Williams.
  • reclusive46
    reclusive46 Posts: 2,698 Forumite
    matttye wrote: »
    I'd imagine so otherwise the opportunity for fraudulent phone calls will be massive.

    From something I've read, I think depending on the bank it will either just show the initials or the first name. Not the whole name.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    reclusive46 wrote: »
    From something I've read, I think depending on the bank it will either just show the initials or the first name. Not the whole name.

    If it shows J Smith that would be fine, but just John or JS will be of no use to anybody.
    What will your verse be?

    R.I.P Robin Williams.
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