This morning I received a text message – something that‘s unusual these days, as virtually everyone who contacts me does so via WhatsApp. “You have received a Paym credit into your account. Please log into your account to obtain further details.” Thanks to the miracle of modern-day technology, my boyfriend had used just my mobile number to transfer some cash that he’d owed me.
Since its launch in April 2014, more than two million people have registered to use Paym (pay-‘em, geddit?). At least 15 high street banks and Nationwide, the UK’s biggest building society, offer Paym to their customers. To use the technology, all you need to do is register your mobile number via your bank or building society’s app.
The idea is that the next time you’re out with friends and you stump up for the cinema tickets, they can pay you back quickly and easily, by just using your mobile number (and presumably they already have this information because they are your friend, and you’ve spent the evening together). There’s no need to swap bank account details and the system is safe and secure.
It’s not just your personal finances (and perhaps personal relationships) that can benefit from this payment technology. Small businesses can take advantage too. As a freelance copywriter, I want to make life as simple for my clients as possible. If my client can pay me using just my mobile phone number – rather than say, a cheque, then this is not only easier but also more efficient, as the funds will transfer immediately.
Another major advantage for small businesses is that with Paym they can quickly know whether or not they’ve been paid for their services, without having to log into their online bank account.
The appetite for this kind of digital innovation is clear. According to the BBA’s report World of Change, more than one million bank customers had registered within 100 days of Paym’s launch.
The way we manage our money has certainly changed in recent years, and innovation that makes our lives easier, like Paym, will always be welcome.