Danske launches new mobile phone payment service
Danske Bank is the first of Northern Ireland's four main banks to launch a new mobile payment service which enables users to transfer money by using their mobile phone.
The new Paym – pay by mobile – service allows users to transfer money without needing the other person's sort code or account number in a new service that will be integrated into their existing mobile banking or payment app.
As well as Danske Bank, customers of Santander, Barclays, TSB, Halifax, HSBC, Lloyds Bank, Bank of Scotland and Cumberland Building Society can now use the service, while Ulster Bank are finalising their launch plans.
Paym – pronounced pay em – is an industry-wide collaboration that has been led by the Payments Council and is the first of its kind with the potential to link every current account in the UK with a corresponding mobile number.
Tony Wilcox, managing director of personal banking at Danske Bank, said: "Customers simply register their mobile phone number alongside a nominated bank account through their online banking facility.
"Once registered the service is safe, secure and easy to use, with customers selecting the person they wish to send money to from their own mobile phone address book.
"Once selected customers can then send up to £250 per day through the Paym facility to customers of any bank registered for the service."
Finance Minister Simon Hamilton said: "Customers expect to be able to make a payment at any time of the day and it is important that banks continue to respond proactively to consumer demands.
"From today around 40% of current account holders in Northern Ireland can sign up for Paym and it is welcome to hear from the Payments Council that other remaining banks are also currently finalising their plans to offer the service."
By the end of the year, a total of 40m people will be able to access Paym when other banks join the service.
People can find out more about registering for Paym by visiting paym.co.uk or by directly contacting their bank or building society.