The Mobile IOU Just Got a Mobile Solution

The Mobile IOU Just Got a Mobile SolutionWe’ve all asked for or granted favors via mobile – text, email, phone call, etc. But, in the future, telling someone you owe them one won’t come with a future guarantee. It’ll come with an immediate one.

Paying back IOUs to friends and family just got easier, following last week’s launch of Paym, which is billed as the “new secure way to pay using just a mobile number.”

Of course, if you’re in the U.S., you’re out of luck. For now, Paym is exclusive to the U.K.

Paym is now available to more than 30 million people across the UK – customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB are able to send and receive Paym payments. The service will expand further later in the year, becoming available on more than nine out ten current accounts, covering in excess of 40 million customers.

Adrian Kamellard, Chief Executive of the Payments Council, is optimistic about the new solution.

“Paying someone back just got easier for millions of people. Paym is another safe and easy option to pay friends and family – after all, you probably already know all your friends and family’s mobile numbers, so why not use them if you need to send them some money?” he is quoted in a provided statement.