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Monday, March 10, 2014

Industry-wide UK mobile payments service prepares for launch

Payments Council confirms its mobile payments service will be called Paym

A new industry-wide mobile payment service says its final testing is on track and it’ll announce a launch date next month. Once the service is launched, consumers will be able to transfer money to someone else’s bank account by using their mobile phone number instead of a sort code and account number.

Bank customers will just need to register their mobile phone number and choose which account they’d like to link their number to. Funds can then be transferred between individuals by using a mobile app.

The service will be called Paym (pronounced as ‘Pay Em’) and it’s being created by the Payments Council, which is is the body that ensures payment services work in the UK. Already nine bank and building society brands have signed up - Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank - with more companies due to join the scheme by the end of the year. This would mean that over 90% of UK current accounts were able to use the service.

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Paym will work as part of a customer’s existing mobile banking or payment app. There won’t be a separate Paym app, just an update to financial apps currently offered by banks and building societies.

Adrian Kamellard, Chief Executive of the Payments Council, said “Paym is a great example of industry-wide collaboration that delivers tangible benefits for customers. The service has the potential to link up every bank account in the country with a mobile number - millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay.”

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Opinion Articles

SpinVox visit offers a few clues about the technology

Mark Bridge writes:

So, dear reader, let’s start at the beginning. Once upon a time, a mere five years ago, there was SpinVox. A company created with help from entrepreneur Christina Domecq – whose surname offers a clue to her family’s background – and Daniel Doulton, the man behind the Psion series 5. (Sherry and portable computers; two of my favourite products. But I digress).

The company’s promise was simple: to turn voicemail messages into SMS text messages.

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That just about covers it

Mark Bridge writes:

In my last article I looked forward to a world of cyborgs… but feared that decent battery life could stifle my dreams. And this week I’m on a similar theme, despairing that the UK’s mobile coverage problems probably won’t be solved before the Silver Jubilee of Vodafone and Cellnet’s networks.

To illustrate my worries, let me tell you a story.

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What price for a hands-free conversation?

Iain Graham writes:

When you get up tomorrow morning and get in the car, why don't you screw up three £20 notes and lob 'em out of the window?!  Oh, and whilst you are at it, take out your driving licence, and put three points in the penalties column!!

Why would you do that, I hear you ask?

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The Singularity is… errm… on its way, I think

Mark Bridge writes:

I’m an optimist. I’m not quite sure why I’m wired that way but I’m perfectly happy with it. Much as you’d expect, I suppose. And although I tend not to tap-dance in the gutter when it’s raining, I firmly believe that life is like a musical.

That’s probably why I’m such a fan of what’s become known as ‘the Singularity’; a point when technology and evolution are expected to combine. As computers become smarter, so they’ll be able to build smarter computers themselves – and before you know it they’ll be repairing people and improving the design. If all goes well I’ll look like a combination of Robocop and Jude Law.

“Fascinating”, I hear you say. “Bring on the medical nanobots. But what’s all this got to do with mobile phones?”

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Web Browser vs. Application Stores

James Rosewell writes:

Anyone involved in the mobile industry will have hardly failed to notice the hype surrounding mobile application stores led by Apple. Application stores provide a really simple way for consumers to install applications on their mobile phones. They’re so simple I heard Iain Graham had used one the other week!

However they don’t solve the fundamental problem of handset compatibility.

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