Why does no-one know about PayM?

RickJ

Perhaps slight exaggeration, but it seems very few people are aware of the existence of PayM / Pay-a-Contact. The banks brought it in several years ago, but AFAICS have done absolutely nothing to promote it. They spend a fortune encouraging us all to switch accounts, and telling us about the features of their apps, but when it comes to this incredibly useful function couldn't seem to care less.

We've all spent most of last year getting used to cashless everything, but whenever I suggest to someone I can give them money via pay-a-contact they just look blank!

I've had it on my phone for the last five years, and been able to use it exactly once, when I sold something second-hand and the buyer at the door said they needed to go and get some cash. I said "have you got pay-a-contact?", and they said "oh, I think so, never used it". So they entered my phone number and the amount - ping! I had the money. I can't imagine anyone who wouldn't want to use it if they actually knew it existed.

Why are the banks being so coy? Makes no sense. How can we spread the word, or am I being too optimistic? :-)

Zellah

Maybe people still prefer paying in cash for small amounts, say < £20 ? For larger amounts, maybe people prefer paying by bank transfers, given that Faster Payments are usually instant?

Ballard

I’ve used it a few times and would be happy to use it more often but hardly anyone has it set up. I think that it’s a really handy thing to have for small amounts. 

Neil49

I knew it existed but never really considered using it because I wasn't too sure how safe it was to use. It also needs the recipient to have a banking app linked to their phone number.
It's a good idea but given that I no longer meet up with anybody in the current lockdown circumstances the opportunity to use it is zero. 

Petriix

I wouldn't trust the security of such a system. With the ease of performing a sim swap scam, it would open up a whole world of risk. For me it's just as easy to go into my mobile banking app and put in some bank details; but I wouldn't normally consider paying for a locally collected item via bank transfer anyway. Any items for delivery require the security of either PayPal or a credit card.

Chino

Petriix said:

I wouldn't trust the security of such a system. With the ease of performing a sim swap scam, it would open up a whole world of risk. For me it's just as easy to go into my mobile banking app and put in some bank details;

Oh, the irony.

MEM62

RickJ said:

The banks brought it in several years ago, but AFAICS have done absolutely nothing to promote it. 

Wrong.  It was promoted extensively when first introduced.  Lots of adverts featuring people eating pizzas and then settling with each other afterwards.  .    

colsten

Neil49 said:

It also needs the recipient to have a banking app linked to their phone number.
 

They don't necessarily need an app but their phone number must be registered in their current account as their PAYM contact number. If they aren't registered, they can't receive PAYM payments, and in many accounts it's not obvious how you register. I believe it is also a proverbial PITA if you want to change your PAYM registration from one account to another, e.g. because you switched account.

The future probably lies with the likes of Apple Cash and Samsung Cash, which will / already do come integrated with phones. Though I am not sure of the size of the market for electronic person-to-person cash. If there was a sizeable opportunity, PAYM or PINGIT, Paypal Cash, Skrill etc etc would long have taken the market by storm. 

sausage_time

I have used Paym for ~5 years.  Initially with FD, and switched (easily) to RBS.  Works really well.  @RickJ if you want to use it a few more times I can send you my phone number. 

Ballard

I’ve just remembered that in the early days of PayM one of the banks, possibly Santander, paid £1 for you to set it up and another £1 to use it. At the time I couldn’t find anyone else who used it so had to make do with a solitary pound.

I still only know of one other person who uses it but rarely have need to send him money. For some reason his registered name has a spurious middle name that his bank can’t get to the bottom of. There’s nothing on his account to suggest this name but it doesn’t cause any issues. 

Very occasionally I’ll use it to transfer between my accounts just for the heck of it. 

London7766551

I often find people don't trust it. In addition I was registered with a bank, closed the account and forgot to de-register. It was impossible to get the bank to de-register the number for years. I called them many times and they had no idea what I was talking about. It was only when I re-opened an account back at the bank I was able to. A terrible system for managing it. I have used it perhaps a few times. As I say I find people are very reluctant to use it.