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Thread: 'PAYM' mobile to mobile payments - the end of cash?

  1. #1
    Senior Member Lighttouch's Avatar
    Join Date
    Mar 2011

    'PAYM' mobile to mobile payments - the end of cash?

    It's finally happened big time. My bank has introduced a system where I can transfer money from my current account into somebody else's account instantly to a max of £250 a day.

    Well you need a smartphone and an 'app' to do online banking with your bank. It's very secure because once registered with your bank - takes 30 seconds - all you'll need to do is log in on your phones online app - go to PayM and type in your mobile phone number, a reference and the amount to debit from your account.

    Is it the end of cash - what's your view?
    Last edited by Lighttouch; 29-04-14 at 09:43.

  2. #2
    Senior Member beau's Avatar
    Join Date
    Nov 2010
    My view is there will be more staff made redundant.

  3. #3
    Senior Member deebee's Avatar
    Join Date
    Mar 2013
    I used to be able to do this online instantly (pop some money in my daughters account for her)
    I have changed banks and now I have to make a phone call, but it is still instant,she has waited outside her branch whilst i did it and when she went in the money was there
    I am a bit scared of smart phones, but might be getting one in June!

  4. #4
    Senior Member
    Join Date
    Dec 2010
    I use online payments a lot from my bank account now, which depends on the recipient being happy to give you their bank acount and sort code. Some people won't do this (despite the fact that it is printed on every cheque), so the mobile alternative might be useful.

    A key point is that it will be free to both sender and recipient - so hopefully will put the money grabbers that are PayPal out of business.

    My phone is a windows phone, so there is no app available yet -only Android and iCrap.

  5. #5
    Senior Member Lighttouch's Avatar
    Join Date
    Mar 2011
    I'm all for new ways of paying.

    I use Paypal for Amazon online payments.
    For small amounts up to £20 I like to pay using my bank cards wi-fi contactless feature. You just place your card above the payment machine and it debits the bill.

    If I've used a decorator or hired any workman I've always obtained their bank sort code number and account number then paid for services via online direct banking which instantly transfers money directly to their account. Why you may ask. Well, I don't own a cheque book and I don't visit my bank branch. Initially people are suspicious of this type of payment but when they see their bank account has been credited in seconds they are all for it.

    This new system of payments will take off big time. I hate having to carry loose change around with me - maybe one day we won't need to carry cash - I guess they call that progress!

  6. #6
    Senior Member catlover's Avatar
    Join Date
    Mar 2014
    Buy your bus ticket with your mobile

  7. #7
    Senior Member mikeydt1's Avatar
    Join Date
    Feb 2012
    i have just got ripped for 38 pounds the other day on my smart phone even with antivirus built in so please be careful with any banking on these smartphones devices.

    lucky for me i haven't done such a thing like banking on a smartphone and after this episode going back to standard mobile phones.

    phone company is susposed looking in to the matter but so far no credit refund, uhh they only make multi millions!


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