PayM launches: what’s it about?

There’s been plenty of media buzz about the new mobile phone payments service PayM in the past few days. It’s a neat new service that lets you send small sums to friends and family just using their phone number and an app.

If you haven’t got to grips with what it is and how it works, this short video is remarkably clear:

For a bit more background, this article in the Guardian is pretty useful.

As it stands, there isn’t an online business application for PayM. But it must be on their radar. The strength of this proposition as it stands is the widespread support from most of the major banks and it certification as safe by various bodies. I’ll certainly be giving it a go.