Tag: NatWest

NatWest mobile payments service has an unfortunate glitch

Consumers continue to worry about the security issues associated with mobile commerce

Mobile commerce is growing in popularity, but this does not mean that new payment platforms are perfect. Over the past few years, consumers interested in mobile payments have expressed concern regarding security issues. Primarily, consumers are worried that their financial information is at risk of being exploited if they make use of a mobile payment service. This has been true in the past, as malicious groups have targeted such services and have gained access to sensitive information.

Some cash through Paym is going to the wrong accounts

NatWest, the United Kingdom’s largest retail and commercial bank, admits that mobile payments are not perfect. The bank’s own service, called Paym, is included in this, with the bank noting that, at times, money could be put into the wrong account due to a glitch. Before consumers can use Paym to make a purchase, they must funnel money into their accounts that are linked to the service. The glitch caused this money to be sent to accounts that were not linked to the service, much to the surprise of the owner of that bank account. NatWest is now working on fixing this problem in order to ensure that money goes where it is meant to.

Paym has become very popular among consumers

Mobile Payments ProblemPaym launched in April of 2014 and more than $150 million in payments have been sent through the service since that time. Approximately 40 million people use the service, making it one of the most popular services of its kind in the United Kingdom. Paym does not only work with NatWest accounts, of course, and those with accounts with Barclays, Lloyds Bank, and several other organizations can use the service.

Glitch highlights security concerns that exist in the mobile commerce space

The glitch suffered by Paym highlights ongoing concerns regarding the mobile commerce sector. Because new payment systems are electronic and, in many cases, automated, they are susceptible to faults in software. Glitches can lead to a major financial impact for consumers and businesses alike, which could result in liability issues for organizations responsible for these payment systems.

UK banks align with mobile payments service

20 UK banks announce their support for the Paym mobile payments service

Several new financial institutions have aligned themselves with Paym, a mobile payments service launched by the UK Payments Council. Paym has been gaining more support within the financial service industry in recent months, with several of the United Kingdom’s largest banks signing up for the service. The service aims to accommodate the growing demand for mobile commerce in the UK and provides consumers with a person-to-person payment option that is mobile-centric in nature.

Bank customers will be able to issue a mobile payment using their mobile number

Clydesdale Bank, Isle of Man Bank, NatWest, the Royal Bank of Scotland, and Yorkshire Bank are among the new organizations that will be supporting Paym. Customers of these banks will be able to use Paym to make mobile payments. The UK Payments Council suggests that Paym is the first service that could potentially link every existing UK bank account to a mobile number.

1.5 million people have registered for Paym since its launch in April of this year

Mobile Payments - UK BanksPaym was launched in April of this year and boasts nearly 1.5 million customers. These people have registered their bank accounts with the service, enabling them to use their mobile number to make payments in an efficient and secure manner. The second phase of Paym’s launch is expected to occur later in the year, with more banks announcing their support for the payments service and promoting Paym to their customers.

Paym expected to clash with Apple Pay when it is launched in November

The United Kingdom has become a very active mobile commerce market, largely due to the high degree of smartphone penetration among consumers. The country’s mobile market is currently crowded with a wide variety of services, but none of these services have yet become mainstream among consumers. Paym aims to provide these consumers with a reliable and secure service that they can use as they see fit. The service is currently competing with various others and is expected to clash with Apple Pay, which is expected to launch at some point in November.