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Payment Method - an additional option “Paym"


#1

hsbc-paym-logo

Continuing on from my suggestion to add Bill Payments as a payment option (for assisting with reconciling Bank Statements to QF) an additional method of payment that all the major banks have added is “Paym”.

Although the uptake for this method of payment transfer has been slow it is a widely available method for use on Banking Apps and via online banking. The scheme is run by Mobile Payments Service Company Limited.

The scheme is suitable for small businesses/sole traders and clubs and just requires registering the relevant mobile phone number so payment transfers can be received (no need for a customer to enter bank account details).


#2

How is that any different from “bank transfer”? A paym payment is still a FPS bank transfer, just initiated via a phone number rather than a sort code and account number.