Organization set to launch a new mobile service in the UK
The Payments Council, an organization comprised of financial institutions based in the United Kingdom, is set to launch a new mobile commerce service named Paym. The service is meant to provide consumers with a more secure way to make mobile payments. Security remains one of the most outstanding and problematic issues that faces the mobile space. Because mobile commerce has become so popular among consumers, it has also become a popular target for malicious groups that seek to exploit financial information.
Paym aims to make money transfers quick and easy
Paym has the backing of several prominent financial institutions due to their association with the Payments Council. The service is designed to allow consumers to send money directly to a bank account as quickly as other forms of money transfer would work. The Payment Council notes that the service is linked to an overarching initiative in the United Kingdom that involves associated all bank accounts with a mobile device. Money transfers through Paym can be done through the use of a mobile number.
Collaboration may help companies avoid unnecessary competition in the mobile space
Competition in the mobile commerce sector is quite fierce, if somewhat in overabundance. Many startups are fighting one another to win the attention and support of consumers while large companies are doing the same. The Payments Council believes that collaboration in necessary in order for mobile payments to become mainstream. These collaborations could allow organizations to sidestep much of the competition that exists in the mobile space, but whether these collaborations can produce services that consumers are interested in has yet to be seen.
Paym may be able to lay some security concerns to rest
Paym is expected to be made available later this year. The service is currently undergoing a final stage of testing before it is officially released. Concerns regarding security remain high, however, but with the regulations that banks must adhere to, these concerns could be dispelled once the service is launched. Banks have long focused on financial security and are typically required to meet the security standards of whatever country they are operating in.