Paying to a mobile number.... (paym)

MouldyOldDough

How does this work?
How does the recipient actually cash the payment? 

[Deleted User]

It goes into their bank account. They can withdraw it from there if they want the actual cash.

k_man

And the recipient needs to be setup for paym too (which is where the paym-account linking is done at their end)

MouldyOldDough

Deleted_User said:

It goes into their bank account. They can withdraw it from there if they want the actual cash.

So it only works for PAYG accounts? 

k_man

MouldyOldDough said:

Deleted_User said:

It goes into their bank account. They can withdraw it from there if they want the actual cash.

So it only works for PAYG accounts? 

We cross posted:

k_man said:

And the recipient needs to be setup for paym too (which is where the paym-account linking is done at their end)

https://paym.co.uk/how-it-works/

How to send money

1

Activate in your banking app

Open your online banking app to register for Paym (check with your particular bank website for steps).

2

Enter details

Enter the name and amount you want to pay (your app will open up your phone’s contact list automatically).

3

Confirm and send

Confirm the account name to ensure you are paying the right person and send the money instantly.

4

We'll send a text

If the person you’re paying hasn’t registered in their banking app, no money will be sent. Depending on who they bank with, most will receive a text notifying that someone has tried to pay them.

How to receive money

1

Activate in your banking app

Open your online banking app to register for Paym (check with your particular bank website for steps).

2

Supply your mobile number

Simply hand out your mobile number to people who owe you money. They can use their banking app to send you the money, fast, free and easily.

TheBanker

All it does is link your mobile number to your bank account. When you register, your mobile number and sort code/account number are added to a central database. When you send a payment using someone's mobile number, it looks up their bank account and deposits the money by a normal Faster Payment.

It's not a particularly sophisticated system (and never really caught on in the way it was expected to). It only works if the recipient's signed up and registered their bank account. 

[Deleted User]

MouldyOldDough said:

Deleted_User said:

It goes into their bank account. They can withdraw it from there if they want the actual cash.

So it only works for PAYG accounts? 

No. Any mobile number.

sausage_time

It has worked well on the few occasions I have used it (inbound and out).  Much better than faffing around with account numbers and sort codes, and a PayPal free experience.