Companies will now be able to receive money directly to their accounts using just a phone number
HSBC business customers can now be able to receive money using just a phone number following the news that the bank has signed up to the Paym mobile payments service.
HSBC will now provide Paym as part of its Business Internet Banking offering, which has more than 600,000 registered day to day customers, who will be able to receive money directly to their accounts.
Previously, Paym was only available to personal account holders, 1.6 million of which had already signed up to the service.
HSBC will offer customers the option of registering up to 50 different mobile numbers to receive payments across their eligible business current accounts, which it says will be particularly useful for businesses with larger sales forces.
Business Internet Banking customers will simply need to register mobile phone numbers online to use the service. Once registered, businesses can receive payments from customers at any bank, building society or payment provider that offers Paym.
“We want to do everything we can to support our business customers, including making it easier and faster to receive payments for the more than 600,000 customers who use Business Internet Banking,” said James Cliffe, HSBC’s Head of Business Banking.
“Paym offers a convenient way for businesses, from local shops to tradespeople, to get paid by their customers – and HSBC is offering them 50 different mobile numbers to register to their accounts.”
Paym launched in the UK in April this year as a way to let bank customers transfer money to each other using just a phone number. The service has signed up many of the country’s leading banking institutions, including Lloyds, Santander and Barclays, and estimates it is able to reach around 40m customers in the UK.
A study by Juniper Research found that more than 1.6 billion payments across the world were completed using a smartphone or tablet this year, thanks to a surge in consumers using the devices for banking, money transfer and online shopping services. This figure is set to continue growing over the next few years as consumer use continues to rise, before topping the two billion transactions a year mark by 2017.
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