HSBC is introducing Paym to its customers who use its business internet banking, which will allow them to receive payments using just a mobile phone number.
Until now Paym, which launched in the UK in April this year and registered its one millionth registration at end-July, had been limited to HSBC’s personal current account customers.
The service was developed by the Payments Council and is offered to the users of nine leading banks and building societies in the UK.
HSBC will offer business customers the option of registering up to 50 different mobile numbers to receive payments across their eligible business current accounts. This will be useful for businesses with larger sales forces.
Once registered, businesses can receive payments from customers at any bank, building society or payment provider that offers Paym.
“The majority of HSBC’s business customers already frequently use our business internet banking service for day-to-day services, with over 600,000 registered users. From this week these businesses will be able to receive payments from their customers using only a mobile phone number and without the need to provide full account details,” a statement by the bank said.
James Cliffe, HSBC’s Head of Business Banking, said: “Paym offers a convenient way for businesses, from local shops to tradespeople, to get paid by their customers.”