HSBC has extended its Paym service to business customers, enabling them to receive money via mobile devices.
The bank’s 600,000 Business Internet Banking subscribers will now be to accept payments using just a mobile phone number, without the need for their customers to provide full account details.
The Paym service, launched by the UK Payments Council earlier this year, had previously been limited to personal banking customers.
Businesses will now be able to register up to 50 different mobile devices to receive funds from customers of any bank, with the service aimed at small companies and sole traders. However, it is not currently possible for firms to send money, though the bank plans to review this in future.
“We want to do everything we can to support our business customers. Paym offers a convenient way for businesses, from local shops to tradespeople, to get paid by their customers,” said HSBC’s head of business banking, James Cliffe.
A number of banks are now supporting the mobile payments service, including Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander and TSB.
Others such as Nationwide Building Society and Tesco Bank are planning to offer Paym from next year, while Royal Bank of Scotland, Natwest and Ulster Bank this week announced that customers will be able to receive payments, with full services launched next year.
Since launching 1.6 million people in the UK have registered the Paym service.