You will soon be able to use mobile numbers to make bank payments!
From 29th April 2014 consumers across the UK will be able to use mobile phone numbers to make bank payments.
Instead of needing bank details, account holders will be able to pay friends, family members or businesses with just their mobile phone number, according to the Payments Council. Both parties simply need to register with a new service called Paym (pronounced “Pay Em”).
Neil Aitken, from the Payments Council commented on people’s fears about fraud saying: “The only thing that people would be able to do if they got your mobile number is pay you - it will be integrated in to your existing banking app so it's password protected.”
So far customers from the following banks can register their mobile number with Paym: Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds, Santander and TSB. Other banks will be joining the scheme later in the year.
This is a great step forward for both businesses and consumers, streamlining the process of making payments using your mobile. More and more people are using their mobile phones for tasks which would usually require them to have access to a computer.
The number of people with smartphones is rapidly increasing, with many using their mobile device far more frequently than their desktop computer. Being able to have quick access to this kind of information in the palm of your hand is a huge advantage.
IRIS OpenPayslips allows you to publish your employees’ payslips and P60s directly to a secure online portal, which can be accessed from a free app on your mobile phone. This not only greatly reduces the time spent producing and distributing your payslips and P60s, but also reduces the amount of paper used to zero!
If you want to see how IRIS OpenPayslips could benefit your business, why not try it today, completely free?