PAYM launching for mobile payments

[phil_hg_uk]

Just been on my banks website and they are advertising the PAYM mobile payments system for sending money to people using just their mobile phone number. You can link your current account to you mobile phone number, one upside I can see is it could be used for making payments to people when buying from internet forums and not having to pay any fees for doing so, and anything that eliminates PayPal should be a good thing.

Launches April 29th info there -> http://www.paym.co.uk/

 

[ColinJ]

That is almost what I want, but not quite!

I would like to be able to take small payments paid by phone without having to give out my name or mobile number, and paying only a small handling charge of (say) 1-2%. I have seen such systems before, but they charged up to 30-40%!

 

[classic33]

Nearly all the major English banks are getting involved in this one. So maybe the fees incurred will be lower.

That is almost what I want, but not quite!

I would like to be able to take small payments paid by phone without having to give out my name or mobile number, and paying only a small handling charge of (say) 1-2%. I have seen such systems before, but they charged up to 30-40%!

Seperate number for these transactions if you make a number of them?

 

[phil_hg_uk]

Nearly all the major English banks are getting involved in this one. So maybe the fees incurred will be lower.

Seperate number for these transactions if you make a number of them?

I am not aware of any transaction fees, from the information I have seen it is just the same as doing a bank transfer i.e. free.

 

[classic33]

I am not aware of any transaction fees, from the information I have seen it is just the same as doing a bank transfer i.e. free.

Just going by ColinJ's post of simililar schemes & the fees involved.

 

[phil_hg_uk]

That is almost what I want, but not quite!

I would like to be able to take small payments paid by phone without having to give out my name or mobile number, and paying only a small handling charge of (say) 1-2%. I have seen such systems before, but they charged up to 30-40%!

As classic says just get a PAYG sim and use that number and I havent heard anything about any transaction fees so I am assuming it is free just like a bank tansfer.

 

[phil_hg_uk]

Just going by ColinJ's post of simililar schemes & the fees involved.

What I am hoping is that it will be a free service and push the likes of PayPal out of the loop for this type of transaction.

 

[classic33]

What I am hoping is that it will be a free service and push the likes of PayPal out of the loop for this type of transaction.

With a bit of luck its being launched in direct competition to PayPal.

 

[Mr Haematocrit]

The T&C's for PAYM make for interesting reading.

 

[phil_hg_uk]

The T&C's for PAYM make for interesting reading.

Are you talking about the T&C's for the website or for the service ?

 

[Mr Haematocrit]

Are you talking about the T&C's for the website or for the service ?

Both.
I find some of the information presented quite interesting.
The service is ran by the payments council and more information about them can be found on http://www.paymentscouncil.org.uk

Anything which competes with PayPal remains a positive thing IMHO.

 

[phil_hg_uk]

Both.
I find some of the information presented quite interesting.
The service is ran by the payments council and more information about them can be found on http://www.paymentscouncil.org.uk

Anything which competes with PayPal remains a positive thing IMHO.

I bet it wont be on the list of allowed payment methods on eBay anytime soon though

 

[screenman]

That will be good news for many sole traders, if the rules allow.

 

[phil_hg_uk]

That will be good news for many sole traders, if the rules allow.

At the moment you can only link it to a Personal Current Account not a Business Current Account.

 

[screenman]

At the moment you can only link it to a Personal Current Account not a Business Current Account.

When the small business can connect there will no doubt be a large charge, just to make it harder for the smaller businesses.