Posted on Tuesday 29 April 2014 by Ulster Business
Celebrating the launch of the new Paym mobile-to-mobile banking service are NI Finance Minister Simon Hamilton MLA and Tony Wilcox of Danske Bank.
Danske Bank today became the first of the four main local Northern Ireland banks to offer customers a new 'pay by mobile number' service. The service, called Paym, is integrated into existing customer mobile banking apps and allows users to transfer money without needing the other person's sort code or account number.
From today customers of nine banks and building societies across the UK can use the new 'pay by mobile number' service to send money to each other. The other institutions also offering the industry service are: Barclays, Halifax, HSBC, Lloyds Bank, Santander, TSB, Bank of Scotland and Cumberland Building Society.
Tony Wilcox, Managing Director of Personal Banking at Danske Bank, said:
"We are delighted to join other leading banks by investing in this new way for our customers to send and receive payments to each other. Customers simply register their mobile phone number alongside a nominated bank account through their online banking facility. Once registered the service is safe, secure and easy to use, with customers selecting the person they wish to send money to from their own mobile phone address book. Once selected customers can then send up to £250 per day through the Paym facility to customers of any bank registered for the service. "
Mr Wilcox continued: "The launch of the Paym service will revolutionise the way we as a society pay for things and will be seen as a key milestone in terms of changing consumer behaviour when it comes to day to day finances".
Paym is an industry-wide collaboration that has been led by the Payments Council and is the first of its kind with the potential to link every current account in the United Kingdom with a corresponding mobile number.
Finance Minister Simon Hamilton MLA also welcomed the introduction of Paym into the local market. He said:
"The way people use banking services is changing. Customers expect to be able to make a payment at any time of the day and it is important that banks continue to respond proactively to consumer demands. From today around 40% of current account holders in Northern Ireland can sign up for Paym and it is welcome to hear from the Payments Council that other remaining banks are also currently finalising their plans to offer the service."
The Payments Council has said that the new service will simplify age-old problems such as settling up informal loans and IOUs with friends and family.
Adrian Kamellard, Chief Executive of the Payments Council, reflected:
"As more and more services become available via mobile phones, it makes sense that there is plenty of demand to improve the way we can use them to pay. Paym will enable millions of people to pay securely using just a mobile number. In a world where many of us are inseparable from our phones, it's readily believable that more than 1 billion of these payments could be made in the next five years."