Tag Archives: mobile banking app

Send and Receive Money Using a Mobile Number with Paym

By Mohammed Waseem

The Payments Council of UK has launched a payment service called Paym – pronounced Pay Em, which enables bank customers to send and receive money using a mobile number. This service was announced a few weeks before launch on 29th April this year. Since announcement, it received over 400000 registrations; The Telegraph reports. The service has been adopted initially by nine banks and building societies including Barclays, Bank of Scotland, Cumberland Building Society, Danske Bank, Halifax and HSBC. According to The Telegraph, other banks and building societies have committed to join Paym later in 2014 and in 2015.

Customers can use the Paym service to send up to £250 a day without the requirement of a sort code or account number. The service works through a mobile app and sending money requires a smartphone app, which is the bank’s mobile banking app, that works on smartphones. The service has been integrated with the banks’ existing mobile banking apps. However, non-smartphone users can register to receive money, but can’t send it. According to The Week, Payment Council expects over 1 billion transactions through Paym, by 2018.

PayMParticipating banks offered incentives for using the service, in the form of discounts and rewards. For example, Santander is offering it’s current account holders £1 for registering their numbers, £1 for the first payment and £1 for the first receipt of payment; provided all these transactions happen before 31st of May, 2014. The service is simple and easy to use because users won’t have to ask for account numbers and sort codes, if the recipient has registered to receive payments on Paym; and the requestor of payment won’t have to give out the account number or sort code.

All the users have to do is register their mobile number against their account, by contacting their respective banks. The following link has registration instructions specific to each participating bank. Once registration is done, the mobile number will function like an account number.

In order to send money, the user has to register their mobile number and the current account number to send and receive money into, download or update the bank’s / building society’s mobile banking app, select the recipient’s mobile number from the contact list or enter the number manually, enter the amount and confirm the name of the recipient in order to initiate the transaction. Once confirmed, the funds will appear in the recipient’s account.

With every advance in payment technology, there comes a fraud risk. Most people are insecure about this service and fear loss of money or suspicious activities in their accounts. However, Payment Council has assured that the service is secure and that the users will be using their existing password-protected mobile banking apps so the same security levels will apply.

Allied Irish Bank Launches Me2U App For Money Transfers

By Mohammed Waseem

Allied Irish Bank has launched a mobile app called Me2U in association with visa, which lets their customers transfer money to a recipient’s euro personal visa card using the recipient’s mobile number. The app is available for download on Apple Store or Google Play Store. Me2U has been introduced as a part of AIB internet and phone banking service.

As mobile wallets are growing, banks are adopting the new technology to keep up with customer demands, keep up with the competition and go a step ahead.

Allied Irish BankFor receiving money from a Me2U app, the recipient does not need to have an account with Allied Irish Bank, but must have a euro personal visa card. The sender, however, has to be an AIB customer. All the sender has to do is login to the Me2U app and select the recipient’s mobile number for his/her contact list, enter the amount and hit send They can also send money using the recipient’s visa card number. The money is then transferred from the sender’s AIB personal visa card to the recipient’s card. The maximum amount allowed daily is €300 and this money can be sent to up to 5 recipients per day per card.

Up to 3 cards can be registered on the Me2U app for money transfer. A user is also required to have a valid email address of a phone number for using the app.

Money transferred from Me2U app is delivered within 30 minutes. However, if the recipient’s card is issued by other than AIB, it may take up to 1 business day for the funds to be received by the institution. In this case, when the transfer is initiated, a text message is sent to the sender’s phone, which has a link to visa collection website. After entering the visa card number, a claim code is generated, which has to be shared with the recipient, who can collect the payment within 7 days, after which, they payment is cancelled. The sender’s account is not debited, until the recipient collects the money.

When sending and receiving money with an AID Debit card, the fee has been waived until 28th November 2014 as the introductory offer; standard charges will be applicable after this period. No fee is charged for AIB credit card Me2U transactions. When money is sent to recipients having cards from another financial institution, they are charged a fee based on the standards of their institution.

The service is new and needs further improvements. More banks will surely try this soon in order to keep up with the technology and for better convenience of their customers.