Why does no-one know about PayM?

adindas

From this site, I have seen it is free to use

https://paym.co.uk/santander/

I understand Pay-M is linked to santander account. is Pay-M issue a debitcard that could be used like (Ping1t - Barclay) ? I think some people here appreciate how they become usefulll if they f they issue a debitcard (even it is virtual card) wth sixteen digit number on coukd work like(Ping1t - Barclay).

EarthBoy

PayM doesn't issue any debit cards, neither virtual nor physical, it's just a way of sending and receiving money using a mobile phone number instead of sort codes and account numbers. 

[Deleted User]

Just as easy to pay direct into my bank account. I know my account number and sort code off by heart and I know my incoming payments will appear instantly in my Starling app.

DCFC79

adindas said:

From this site, I have seen it is free to use

https://paym.co.uk/santander/

I understand Pay-M is linked to santander account. is Pay-M issue a debitcard that could be used like (Ping1t - Barclay) ? I think some people here appreciate how they become usefulll if they f they issue a debitcard (even it is virtual card) wth sixteen digit number on coukd work like(Ping1t - Barclay).

Ping it is closing
There no rush to spend the money as ot will be transferred early June into your Barclays account.

hoc

Global payment apps like Paypal make PayM mostly pointless these days. Before smartphones it may have had its place. More useful would be allowing ownership of the account number itself so it could be kept unchanged after switching to another bank. Mobile phone numbers used to tied to the issuing operator but don't technically have to be and there are no restrictions in switching, bank sort codes aren't but not for any good technical reason.

Ballard

hoc said:

Global payment apps like Paypal make PayM mostly pointless these days. Before smartphones it may have had its place. More useful would be allowing ownership of the account number itself so it could be kept unchanged after switching to another bank. Mobile phone numbers used to tied to the issuing operator but don't technically have to be and there are no restrictions in switching, bank sort codes aren't but not for any good technical reason.

I found the end of your post a little confusing but bank sort codes refer to (mostly) physical branches of banks. If you have a chequebook, for instance, it would have that printed on it and would be more than a little troublesome for the clearing system to cope with it if it were to become random. Similarly, routing of CHAPS payments would become much more complicated. As things stand, if I ask my bank to pay a foreign currency to someone I can supply their name, address, sort code and account number and they'll easily find the correct overseas correspondent but with no uniformity of sort codes this would become trickier.

I don't suppose that any of this is insurmountable but is there a desire for it? I'd suggest that more often than not people don't care about their bank account number.

On the subject of PayM, I find it to be useful. I've only used it a handful of times at most (work colleagues for collections from time to time now that we're remote). You'd have to really try to mess it up as it gives the person's name before you send it. Each to their own but I prefer it to PayPal.

sausage_time

I find it useful for ad hoc payments to/from friends and colleagues.  We already have mutual mobile numbers stored, so it's trivial to send a quick payment.  I would not want to type in a sort code and account number every time.

I find with PayPal people sometimes don't choose the "pay a friend" option and fees are deducted from the payment.

hoc

Ballard said:

hoc said:

Global payment apps like Paypal make PayM mostly pointless these days. Before smartphones it may have had its place. More useful would be allowing ownership of the account number itself so it could be kept unchanged after switching to another bank. Mobile phone numbers used to tied to the issuing operator but don't technically have to be and there are no restrictions in switching, bank sort codes aren't but not for any good technical reason.

I found the end of your post a little confusing but bank sort codes refer to (mostly) physical branches of banks. If you have a chequebook, for instance, it would have that printed on it and would be more than a little troublesome for the clearing system to cope with it if it were to become random. Similarly, routing of CHAPS payments would become much more complicated. As things stand, if I ask my bank to pay a foreign currency to someone I can supply their name, address, sort code and account number and they'll easily find the correct overseas correspondent but with no uniformity of sort codes this would become trickier.

I don't suppose that any of this is insurmountable but is there a desire for it? I'd suggest that more often than not people don't care about their bank account number.

On the subject of PayM, I find it to be useful. I've only used it a handful of times at most (work colleagues for collections from time to time now that we're remote). You'd have to really try to mess it up as it gives the person's name before you send it. Each to their own but I prefer it to PayPal.

Sorry not writing clearly. CASS does a good enough job relaying payments to new accounts so you are right most don't care about their account number or it changing. I have 2 main accounts which I have memorised the account numbers. In many ways I'm a prisoner with one because having the account number change would be so disruptive so I don't switch and stay with a bank I don't like. PayM could be useful to me but only if I took out mobile phone numbers to use for this purpose. First because 1 phone number can only be registered to a single bank account with PayM and second because there are more cases where I would rather not also give my phone number to someone making a payment.

Ballard

I can understand reluctance to give out mobile phone numbers to everyone. I’ve only ever used it to pay colleagues where I already have their number. I’ve never received a payment from anyone other than from another of my accounts occasionally but only having one recipient bank account for this purpose wouldn’t be an issue for me.

I think that the sort of area where this would be useful would be small business, the milkman, window cleaner etc. They give out their numbers and receive relatively small sums regularly. I’d rather pay this method than enter their account details. 

[Deleted User]

If I'm not mistaken the option has been removed from the HSBC app. Or moved within it.