PAYM – who, what?………….Are you ready?

Posted 2014 by admin

The next big event in banking takes place on Tuesday with the launch of “PAYM”, the new mobile technology that allows users to pay or receive money via their bank account, just by using mobile telephone numbers.

I can see that this will prove a very popular method of transferring funds, although at present, many potential users have said that they will not be using the service, expressing concerns over security issues. Certainly, this is another avenue that fraudsters will seek to exploit, and users must exert the same levels of security as if they were dealing with any form of payment system.

Surprisingly, many of the banks are not yet ready for the new system, including RBS who have had well publicised I.T. issues over recent years.

Many years ago I recall that HSBC (or was it still Midland Bank then?), trialled a product called Mondex which was a paperless alternative to cash using a handheld device. It did not catch on and the project was scrapped at an early stage. Of course, smart phones had never even been heard of at that stage. Like many others, I remember thinking at the time, “what a stupid idea”…….………How times change!

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