MSE News: Mobile-to-mobile payments start today – but how does Paym work?

im-lost

50Twuncle wrote: »

This system is open to attack - you give it 6 months and the scams will start to shut the system down ...

Nonsense, its just an added feature to faster payments, nothing more, nothing less, all it does it add your phone number in place of your bank details.

Has there been mass scams on the faster payments system?

Do tell us how these scams will work.

Think of it as making a phone call, you can call +44xxxxx or 0xxxxxx both go over the same lines, both get connected in the same way, you get to speak to the same friend which ever way you dial.....

If anything this is a more secure method, it allows you to see the name of the recipient, instead of just the sort code and account details that you have to make sure are right.

Chrisblue1962

innovate wrote: »

Just in case it has not: 07891-456789. Please give generously.

I've sent six payments of £10.00 to this number but they won't aknowledge receipt...:rotfl::rotfl:

savvyindianhaha

Can anyone find contact details of PayM?

I maybe paranoid but I would never consider registering for a service that doesn't make it clear who they are, where they are based and who runs them so that I can find it easily!

The fact that my bank advertises this service makes no difference to me, how can I trust a company that would've gone bankrupt if not for public bailouts.

anoncol

savvyindianhaha wrote: »

Can anyone find contact details of PayM?

I maybe paranoid but I would never consider registering for a service that doesn't make it clear who they are, where they are based and who runs them so that I can find it easily!

The fact that my bank advertises this service makes no difference to me, how can I trust a company that would've gone bankrupt if not for public bailouts.

Its only attaching a mobile number to a sort code and account number.

anoncol

Who runs it?

http://www.paymentscouncil.org.uk/mobile_payments/contact_us/-/page/2854/

That took me 10 seconds to find through google.

Uxb

savvyindianhaha wrote: »

The fact that my bank advertises this service makes no difference to me, how can I trust a company that would've gone bankrupt if not for public bailouts.

Then a history lesson might be good for you......
You have heard of Rolls Royce engines? - they make gas turbines for aircraft and for power generation.
They went bust in 1971 and were rescued and bailed out by the Government who nationalised them overnight....they were reformed by the government as "Rolls Royce 1971 Ltd" the next day
They now share the turbine market approximately equally with GE in the USA...and you sit on planes powered by them, use electric generated by them etc.

robatwork

On the face of it, it's more secure than faster payments in that it ties in a number with a name, which FP doesn't as discussed before here.

Will be testing this soon with santander's mobile banking.

RowaN

So if I send some money via paym..

What does the recipient see? Do they need to be registered for paym to receive? What happens if they are not? Can someone (paym?) draw me a diagram please, I'm serious!

..and, people are used to paying fees for this sort of service (think PayPal), so what are the fees for Paym?

butterflymum

RowaN wrote: »

So if I send some money via paym..

What does the recipient see? Do they need to be registered for paym to receive? What happens if they are not? Can someone (paym?) draw me a diagram please, I'm serious!

..and, people are used to paying fees for this sort of service (think PayPal), so what are the fees for Paym?

Flow-chart, of sorts, at:

http://www.paym.co.uk/how-does-it-work

as well as other info on their linked pages.

Archi_Bald

RowaN wrote: »

What does the recipient see?

they get a text saying you sent them money, and they obviously see the money in their account as an incoming transaction.

RowaN wrote: »

Do they need to be registered for paym to receive?

yes.

RowaN wrote: »

What happens if they are not?

Nothing, you get an error message saying the number is not registered

RowaN wrote: »

Can someone (paym?) draw me a diagram please, I'm serious!

I cannot do diagrams, but you can read lots about PAYM on the Payments Council website, and also on the Vocalink one which describes Faster Payments which is being used as the underlying payments infrastructure. Or find a mate and try it out.