Why does no-one know about PayM?

London7766551

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; 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.

There is no risk, you can only receive money. Money cannot be taken out. A sim swap or your actual phone has nothing to do with PayM technology. The bank simply knows what your number is, and when someone sends money via PayM to your number, it knows which account is assigned to that number. Your phone does not come into it. If someone had your phone, they would have access to 2FA codes which is a whole other story. 

Armorica

It's a long and complicated story.  But difficult to see how the situation will change from the current state.

RickJ

Thanks for all your thoughts - I've only just caught up, didn't realise this forum doesn't do email notification of replies. :-(

So maybe the lack of uptake is lack of confidence in the unknown? And/or "why do I need another way when I know about sort code/account-number?". Maybe the security issues of account numbers don't occur to people.

Oh well, I guess it's another good idea that will fade into insignificance!

Rufus_Dufus

RickJ said:

I've only just caught up, didn't realise this forum doesn't do email notification of replies. :-(

It does; you have to click 'Bookmark' and then you get email notifications.

colsten

Rufus_Dufus said:

RickJ said:

I've only just caught up, didn't realise this forum doesn't do email notification of replies. :-(

It does; you have to click 'Bookmark' and then you get email notifications.

Bookmarking a thread alone does not send you notifications of new posts on the thread. You need to specify the desired actions in your Account Settings, under Notification Preferences

redux

colsten said:

Rufus_Dufus said:

RickJ said:

I've only just caught up, didn't realise this forum doesn't do email notification of replies. :-(

It does; you have to click 'Bookmark' and then you get email notifications.

Bookmarking a thread alone does not send you notifications of new posts on the thread. You need to specify the desired actions in your Account Settings, under Notification Preferences

I wouldn't recommend it though.

When they introduced the new forum platform this was turned on by default and it took a bit of effort to find here to turn it off.

I can see nearly 5000 notifications indicated at the top of the page now, so that's a load of emails saved.

As for the thread subject, I'd heard of this, but never used it, nor had anyone mention it.

RetSol

I have just switched Paym on in the Santander app on my new phone.  Thank you, @RickJ!  I signed up for Paym years ago but have never used it. I am still not clear how to use it. The app has access now to the contacts on my phone but, presumably, before I use it I have to ask whether the counterparty concerned has signed up to Paym also?  Or are there also other services which do the same job, eg Pay-a-contract, as the OP suggests? Is Pingit (Barclays, I believe) part of the same system, for example? 

Armorica

There is kind of an overlap between Pingit and Paym. https://www.barclays.co.uk/help/pingit/paym/how-different/
Essentially I understand the both work as closed system - i.e. the person you're sending money to needs to be signed up as well. 

Alexland

When I need to send or receive small amounts of money to people (in the UK or overseas) then everyone I know has Paypal who charge no fees for friends & family transactions (apart from currency conversion rates, but who cares on small amounts?) provided they don't select "paying for goods and services". If I was to send a larger amount then I would do a bank transfer (£1 first to check the details are correct).

My everyday life requires me to use Paypal and bank transfers regularly so why would I bother with PayM? It might as well die out and get withdrawn as an unrequired technology. If someone offered to pay me via PayM then I would say no thanks use another method please. It might even leave me with a negative view of the person as a poor judge of technologies.

Chino

RickJ said:

Maybe the security issues of account numbers don't occur to people.

You mean those same account numbers that have been printed on cheques for decades?