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Topic # 143861 29-Apr-2014 20:45
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Came across an interesting article in the UK for paying someone using their mobile phone number.

From what I can tell both have to be registered for Paym but instead of entering the recipients account number in the online banking (could be an app) they just enter their phone number.

Do we have anything like that in the pipeline, similar or even better?

The website is a bit simple and short on detail, but what do you think? A good idea or not?
http://www.paym.co.uk






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  Reply # 1033445 29-Apr-2014 20:48
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With ASB you can pay to peoples facebook, Mobile and trademe.. If that comes close. 




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  Reply # 1033611 30-Apr-2014 07:54
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Not sure. I can never work out why They think that we need so many ways to give money to people!

Sometimes I think things are done merely because they can be, not necessarily because they need to be etc.

(As an aside to pick up on TimA's point, paying Trade Me folk using the ASB app is at once useful and at the same time useless...! If you have a password like 1AfG67$djj9763% or some other random thing it's pretty hard to pay people coz you have to remember it and enter it! Personally, no can do!)





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  Reply # 1033616 30-Apr-2014 07:59
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Geektastic: Not sure. I can never work out why They think that we need so many ways to give money to people!



Good point.  I guess the more ways there are to pay, the more transactions people make, the more money the banks make.




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  Reply # 1033618 30-Apr-2014 08:03
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Yes ASB have done this for quite a while

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  Reply # 1033619 30-Apr-2014 08:05
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Sounds like what ASB had 8 years ago with Pago, which got canned because nobody really cared about it or used it.




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  Reply # 1033629 30-Apr-2014 08:39
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Perhaps the reason the ASB thing didn't work is because it was only ASB (if I understand correctly).  The rollout in the UK is for a number of the major banks and operated by the Payments Council (whoever they are) to drive innovation.

One of the big differences between the UK and here though is the secrecy around bank account numbers.  In the UK you almost never gave out your account number to a 3rd party, whereas here we give it to complete strangers (TradeMe).  I guess the question is would I feel happier handing out my mobile phone number either?

Do we need more ways to pay people?  I guess ask any business what their pain points are and I would guess that most would say getting paid.  For businesses anything that makes that easier must be a good thing.  If you still have to log onto your online banking app to pay someone then the next question would be does this new service add value?

I suspect that the next big thing will be true mobile to mobile payment (NFC) storing a secure wallet on your phone - I wonder how far away they are from that!




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  Reply # 1033675 30-Apr-2014 09:27
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StarBlazer:
One of the big differences between the UK and here though is the secrecy around bank account numbers.  In the UK you almost never gave out your account number to a 3rd party, whereas here we give it to complete strangers (TradeMe). 


Thats because a bank account number is really only useful for depositing, you cannot get a bank to give you funds from an account with just a number, I am fairly sure that you will get nothing by simply strolling into a bank and asking for money with just an account number and a name,

It sounds like in the UK banks do it differently?...



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  Reply # 1033691 30-Apr-2014 09:39
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wellygary:
StarBlazer:
One of the big differences between the UK and here though is the secrecy around bank account numbers.  In the UK you almost never gave out your account number to a 3rd party, whereas here we give it to complete strangers (TradeMe). 


Thats because a bank account number is really only useful for depositing, you cannot get a bank to give you funds from an account with just a number, I am fairly sure that you will get nothing by simply strolling into a bank and asking for money with just an account number and a name,

It sounds like in the UK banks do it differently?...

No the UK is exactly the same - you'd need identification of some kind if they would even allow it without a card.

Can you take money out of an account - of course you can.  Fraudulently file a CHAPS transfer to an offshore Western Union account - not that difficult.  All they would need is your signature which can be obtained though a number of means - fraudsters will go to some extreme lengths if they think it's worth it.  Identity fraud doesn't seem to be a problem here as much as in the USA or UK but it will be - this is a different topic though.






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  Reply # 1033735 30-Apr-2014 10:09
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wellygary:
StarBlazer:
One of the big differences between the UK and here though is the secrecy around bank account numbers.  In the UK you almost never gave out your account number to a 3rd party, whereas here we give it to complete strangers (TradeMe). 


Thats because a bank account number is really only useful for depositing, you cannot get a bank to give you funds from an account with just a number, I am fairly sure that you will get nothing by simply strolling into a bank and asking for money with just an account number and a name,

It sounds like in the UK banks do it differently?...


You'd get nowhere trying to get money in the UK with just an account number!

I well recall my father going in to cash a cheque at least 15 years ago now and having a conniption fit when they asked to see photo ID because new money laundering rules had been implemented by the EU. He pointed out that he had banked at that branch for 30+ years and with that bank and it's predecessors since 1947, so they ought to know who he was by now...!





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