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System will allow you to pay your bills directly from one phone to another
SEAN POULTER dailymail.co.uk Technology to allow direct payments between mobile phones was unveiled by the big banks yesterday. The system cuts out the need to remember sort codes and bank account details. Instead, you type on your phone the mobile number of the person or business you want to pay. The ‘Paym’ transfers, which will be password-protected, need your bank account to be linked to your own mobile number. Users will simply tap in the number of the recipient on their phone to authorise an electronic transfer from one account to another. The industry hopes the system will replace cheques, which are expensive to transport and process. At the same time it could provide a substitute for cash to make relatively small payments to tradesmen, window cleaners or gardeners. The idea is that millions of people will have their mobile phone number tied to their bank account – as a substitute for the normal account number and sort code. There is a security safeguard in that the name of the recipient will appear on the smartphone screen, once the number has been tapped in, so confirming the cash is going to the right person. Access to the Paym system will be covered by password or code protection in an attempt to avoid the risk of the phone being stolen and used to raid customers’ accounts.
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