Piran Consulting tips Paym mobile money exchange solution

A finance solution that enables users to pay friends and family direct into their bank accounts using just their mobile number has proved popular according to Piran Consulting.

The service, called Paym, went live on 29th April 2014 and is forecast to transform the way money changes hands and the way personal payments are undertaken.

Early usage is being tracked and mobile technology specialist Piran Consulting which is encouraging consumers to share their #paymfirsts in order to chart initial uptake of the service.

The Piran team is interested to understand the social impact and is inviting consumers to share their Paym firsts, gauging the uptake during its first month, and also claim a place in the #paymfirsts hall of fame.

Adrian Burholt, Director at Piran Consulting said: "Paym is set to change the shape of UK payments. The proposition is intuitive and is easily understood by the consumer.

"This type of inter-bank mobile payment services has an immediate customer benefit, is easy to take to the mass market and we are keen to see how the technology is used in the first few weeks of launch.

"Loose change and IOUs are to be confined to the annals of history and the words 'can I pay you back when I've got some cash?' never to be heard again."

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