PayM

I was listening to BBC Radio 4's Money Box yesterday at midday, and one of the topics was: How, if you are confined to your home because of virus-vulnerability, do you pay people who do your shopping for you? An official volunteer, for instance, who is nevertheless a total stranger? Or a neighbour? If in cash, how do you get hold of it, if you can't go out and use a cash dispenser? How else might you pay?

This is something that affects quite a lot of people, not just oldies. Younger people with serious health issues might easily be in the same boat.

It would obviously need to be a method that would suit the person being paid. That might well be old-fashioned cash, although that could run into problems if the person being paid can't give the right change, or indeed any change.

A cheque? But how would it be cashed just now, with branches shut? Answer: use an app to take a photo, then send that online to the bank. But then, it's not money until it clears, and that's not going to suit all that many people.

A bank-to-bank transfer? But would you want to entrust your banking details to a stranger? And vice versa?

PayPal? But then the payer and the person taking the money both need to have a PayPal account.

And so on.

I was staggered that one very simple method wasn't mentioned: PayM. Most British banks use it. It's straightforward to set up, free to use, and payer and payee don't need to exchange banking details, only their mobile phone numbers. (Click on this image to see the detail - same for the email further down)

It's been going for several years. I use it. I can vouch for how simple it is to send money to someone's bank account. And yet the banks don't seem to promote it much, and people in general don't seem to know about it. Ironically, I'm pretty sure I first heard about PayM on Money Box!

Of course, using PayM requires that both payer and payee have a smartphone (though an awful lot of people do) and bank online (not so usual). And you can't transfer more than £250 - although this would amply cover an ordinary shopping order. Still, it's such a useful facility that I find it very strange it's so under-used.

I'm wondering why it isn't promoted and widely-known. Don't the banks like it? Or is the Great British Public averse to it for some reason? We are constantly being told that 'many people' don't have Internet access and 'prefer cash' and this negative propaganda must have its effect on young and old alike. Witness the continuing comments I still get when using Google Pay, as if paying by phone were some kind of witchcraft.

Personally, I like to be progressive - cutting-edge if I can - and not old-fashioned and fuddy-duddy.

I've already done a recent post on abolishing banknotes and coins altogether for hygiene reasons. I have to say, I shall be shedding what cash I have left in my purse ASAP, and not look to replace it. Apart from one or two pound coins, it's all money that was in my purse last December, and therefore all pre-pandemic. But I can't say that the paper and metal is pristine. It must be very dirty at microscopic level, and a health risk to handle.

I will shrink from touching notes and coin in the future, but I suppose it can't be avoided for years to come because of the 'cash lobby' and many people's unwillingness to adopt different, cleaner, and (in my opinion) handier ways to use money.

Meanwhile, I'm going to email Money Box and point the usefulness and convenience of PayM out to them.

Sequel
There, email sent. This was it. I've redacted my mobile phone number, of course.