Not strictly soul related so please feel free to move to FB if you wish Mods?

 

https://www.paym.co.uk/?gclid=COvc47LAzL0CFcHnwgod5kUAZQ

 

Anyone going to be signing up for this, could take a lot of business in the UK away from paypal.

 

 

wonder if will work world wide,

I guess it depend which banks are signed up to it? 

  On 07/04/2014 at 10:05, JOE TORQUAY said:

wonder if will work world wide,

Its a UK initiative to begin with.  The banks really got hit hard when paypal intoduced the Gift option and allowed to pay people via their mobile phones and its their way of "hopefully" getting payment volumes back into the banking system.

 

I would expect this to go International as cross boarder money laudering issues are ironed out.  Some of the initial players have a global retail presence, so it would make sence for it to extend throughout the world.

Edited April 7, 201411 yr by John Reed

I dont think it does much else that internet banking can do, personally. I can pay anyone already from my account direct without problem to any other bank or account. Like any other new venture, time will tell if its a more feasible way to transact.

H

  On 07/04/2014 at 10:19, Haydn said:

I dont think it does much else that internet banking can do, personally. I can pay anyone already from my account direct without problem to any other bank or account. Like any other new venture, time will tell if its a more feasible way to transact.

H

But the problem with that is you have to get the other persons banking details, this way you only need a phone number.

Edited April 7, 201411 yr by John Reed

Sounds ok, I'll sign up for it

  On 07/04/2014 at 10:25, John Reed said:

But the problem with that is you have to get the other persons banking details, this way you only need a phone number.

 

That looks about the gist of it, log into paym and enter the phone number and details, far quicker and easier.  It is an alternative to paypal who like ebay only seem interested in charges.

looks good to me....thanks for the nod Chalky

  On 07/04/2014 at 10:18, John Reed said:

 

I would expect this to go International as cross border money laundering issues are ironed out.  Some of the initial players have a global retail presence, so it would make sence for it to extend throughout the world.

 

No pun intended?? 

DEPENDS ON WHAT CHARGES OUR BANKS ARE GOING TO WANT,

TO MAKE IT PAY THEY'LL HAVE TO UNDERCUT PAYPAL WON'T THEY.

JOE.

I'm with lloyds and there is no or will be no charge with them.  You pay via the lloyds mobile app.  They say there might be a charge with your mobile supplier.  Go to your banks website and look at the terms and the FAQ's.

 

https://www.lloydsbank.com/online-banking/mobile-banking/pay-a-contact.asp

Edited April 7, 201411 yr by chalky

it doesn't describe how the funds actually get transferred in the "how does it work". it could be using a UK-only mechanism which would prevent it from being international. some people tried to start similar things in the US using the ACH system to transfer funds, but that's a US-only system.

  On 07/04/2014 at 22:14, boba said:

it doesn't describe how the funds actually get transferred in the "how does it work". it could be using a UK-only mechanism which would prevent it from being international. some people tried to start similar things in the US using the ACH system to transfer funds, but that's a US-only system.

 

It uses the current system, lloyds will, rather boring name of Faster Payments Service......

 

Payments made via Pay a Contact are made using existing payment processes (Faster Payment Service). We don’t charge you for making or receiving payments through Pay a Contact, but your mobile operator may charge for some services (such as accessing the Internet) so please check with them.

 

it is UK only it is free, i spend little to nothing in the States now so not too worried about international payments although I have sent money to Japan using my bank and that was free as well.

 

Paypal will be forced to act over its charges because if this takes off they will lose a lot of business which won't be a bad thing in some cases.

  On 08/04/2014 at 04:27, chalky said:

It uses the current system, lloyds will, rather boring name of Faster Payments Service......

 

Payments made via Pay a Contact are made using existing payment processes (Faster Payment Service). We don’t charge you for making or receiving payments through Pay a Contact, but your mobile operator may charge for some services (such as accessing the Internet) so please check with them.

 

it is UK only it is free, i spend little to nothing in the States now so not too worried about international payments although I have sent money to Japan using my bank and that was free as well.

 

Paypal will be forced to act over its charges because if this takes off they will lose a lot of business which won't be a bad thing in some cases.

 

paypal rates are in some cases lower than other credit card merchant services. if this is UK only it will only be a small niche if it succeeds, and there is the hurdle of getting people to sign up for it and trust them with their bank account information. i still don't know why people expect paypal to be free.

  On 08/04/2014 at 04:58, boba said:

paypal rates are in some cases lower than other credit card merchant services. if this is UK only it will only be a small niche if it succeeds, and there is the hurdle of getting people to sign up for it and trust them with their bank account information. i still don't know why people expect paypal to be free.

 

You sign up through your bank Bob, you don't give out your bank details to anyone, just your phone number.  You don't have a problem with import duty and post office fees so doesn't affect you really.  It is UK customers only at the minute and that is a lot of customers who currently use paypal.  Most impotantly it is free 

It's expected to be used for small personal transactions, I think. The example I heard was sharing a restaurant bill and I can imagine sending cash as a gift to relatives and so on.

 

I think it sounds quite handy and I'll sign up but I certainly won't be using it for record deals. Can you imagine giving your mobile number to every lunatic record collector or dealer that you come across? **shudders at the thought**

What protection would there be on either side if the system was used for a record deal that went bad? 

 

Then again, even if there is no protection that is the same as a bank transfer or PayPal "Family & Friends".

 

Cheers

 

Richard

I have three bank accounts & three paypal accounts, will I need 3 mobiles?