Banks back plan to use mobile numbers to simplify payments
BANK payments will no longer require sort codes and account numbers as part of a new scheme that uses mobile phone numbers to route payments.
The Payments Council yesterday detailed the scheme, called Paym, that launches in May with nine banks onboard including Barclays, Halifax and Santander.
By the end of 2014 seven additional banks will join, including The Royal Bank of Scotland, which is still recovering consumer confidence following a number of technology issues this year.
Paym will be integrated into bank’s mobile apps according to Payments Council chief executive Adrian Kamellard, who said that it would help spur payments by using the more easily memorable digits.”