Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




889 posts

Ultimate Geek
+1 received by user: 193

Trusted
Subscriber

Topic # 143861 29-Apr-2014 20:45
Send private message

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






Procrastination eventually pays off.

Create new topic
4981 posts

Uber Geek
+1 received by user: 1391

Trusted

  Reply # 1033445 29-Apr-2014 20:48
Send private message

With ASB you can pay to peoples facebook, Mobile and trademe.. If that comes close. 





9375 posts

Uber Geek
+1 received by user: 2827

Trusted
Subscriber

  Reply # 1033611 30-Apr-2014 07:54
Send private message

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!)





 
 
 
 


1432 posts

Uber Geek
+1 received by user: 526


  Reply # 1033616 30-Apr-2014 07:59
Send private message

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.





19282 posts

Uber Geek
+1 received by user: 2600
Inactive user


  Reply # 1033618 30-Apr-2014 08:03
Send private message

Yes ASB have done this for quite a while

25183 posts

Uber Geek
+1 received by user: 5035

Moderator
Trusted
Biddle Corp
Subscriber

  Reply # 1033619 30-Apr-2014 08:05
Send private message

Sounds like what ASB had 8 years ago with Pago, which got canned because nobody really cared about it or used it.




889 posts

Ultimate Geek
+1 received by user: 193

Trusted
Subscriber

  Reply # 1033629 30-Apr-2014 08:39
Send private message

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!




Procrastination eventually pays off.

2533 posts

Uber Geek
+1 received by user: 448


  Reply # 1033675 30-Apr-2014 09:27
Send private message

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?...



889 posts

Ultimate Geek
+1 received by user: 193

Trusted
Subscriber

  Reply # 1033691 30-Apr-2014 09:39
Send private message

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.






Procrastination eventually pays off.

9375 posts

Uber Geek
+1 received by user: 2827

Trusted
Subscriber

  Reply # 1033735 30-Apr-2014 10:09
Send private message

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...!





Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Public Wi-Fi plus cloud file sharing
Posted 18-Aug-2017 11:20


D-Link NZ launches professional Wireless AC Wave 2 Access Point for businesses
Posted 17-Aug-2017 19:25


Garmin introduces the Rino 700 five-watt two-way handheld radio
Posted 17-Aug-2017 19:04


Garmin announces the Foretrex 601 and Foretrex 701 Ballistic Edition for outdoor and tactical use
Posted 17-Aug-2017 19:02


Brightstar announces new distribution partnership with Samsung Knox platform in Australia
Posted 17-Aug-2017 17:07


Free gig-enabled WiFi network extends across Dunedin
Posted 17-Aug-2017 17:04


Samsung expands with connect Gear S3 Frontier
Posted 17-Aug-2017 15:55


Fact-checking Southern Cross Next cable is fastest to USA
Posted 17-Aug-2017 13:57


Thurrott says Microsoft Surface is dead last for reliability
Posted 16-Aug-2017 15:19


LibreOffice 5.4 works better with Microsoft Office files
Posted 16-Aug-2017 13:32


Certus launches Cognition
Posted 14-Aug-2017 09:31


Spark adds Cambridge, Turangi to 4.5G network
Posted 10-Aug-2017 17:55


REANNZ network to receive ongoing Government funding through to 2024
Posted 10-Aug-2017 16:05


Chorus backhaul starts with 2degrees
Posted 10-Aug-2017 15:49


New Zealanders cool on data analytics catching benefit fraud
Posted 10-Aug-2017 09:56



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.