HSBC business customers will be offered access to mobile payments service Paym, allowing them to receive money directly to their bank accounts using just their phone number.
The bank will now provide Paym as part of its Business Internet Banking offering, which has 600,000 registered customers. Previously, the mobile payments service was only available to personal account holders at HSBC and other UK banks.
HSBC will allow business customers to register up to 50 different mobile numbers to receive payments across their eligible business accounts from their own customers at any bank, building society of 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,” he added.
Many of the UK’s leading banking institutions such as Lloyds, Santander and Barclays have signed up to Paym, which allows bank customers to transfer money to each other using just a phone number. Paym estimates it is able to reach around 40 million customers in the UK.
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