The Anonymous Widower

Payments To Mobile Phone

They have just fully announced, that you’ll soon be able to send payments to a mobile phone number. The system is called Paym.

My bank, Nationwide, won’t be bringing it in until next year, but I’m not sure about if I would use the system.

For instance, will these points be covered.

1. At times, I use a simple mobile phone, like one of my Nokia 6310i.

Can you just send money using a simple text?

If you can it would enable those who don’t want a smart phone to use the system.

It would also mean that a stolen phone might lead secrets to fraudsters.

2. Can you send payments from an on-line account to a mobile number enabled account?

3. Could I send money to a charity and get Gift Aid added?

Knowing the two words banks and innovation rartely appear in the same senytence, I suspect the system will be designed like a colander.

April 2, 2014 - Posted by AnonW | Finance, News | Banks, Phones