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Kushal Dhammi

Kushal Dhammi

Consultant at Accenture
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Kushal is Commenting on

UK banks gear up for launch of Paym P2P mobile payments service

  I don’t agree with PayPal's and other's comments that this system is not revolutionary. Obviously PayPal will say this as it is direct competitor. Yes, it is yet another mobile based P2P payment service which PayPal is for long time. But let’s face it; PayPal or any other service can never reach the heights to which this potentially can. Let’s ignore whether you make payment from phone or e-banking or phone banking; that is just channel. Not important. Not the reason why this service is different. The core strength of this system is that it substitutes account id + Sort code for a commonly available identifier, Phone Number. All other systems (pingit, paypal, zapp) which provide some way to substitute for account id + sort code, are close ended systems where both originator and beneficiary are required to be  members of the network/service, and are required open an account or create an Identifier with that bank or P2P provider. This service provides phone number as direct substitute for my CURRENT account. Not my PayPal or Zapp ID (which I cannot expect my grandfather to go to website and create) and not my virtual account on a website. This links My Phone Number and My Salary Current Account. This is the key thing. Once this service gets penetration and all banks join in (like FPS has over last 6 years) the central database maintained with Vocalik will be a revolution. A common substitute for account number + sort code without any boundaries of bank network/service provider will create ripples. Give it few years. To cite a corollary; chat based communication systems like yahoo chat, Google and Facebook chat have been running for many years. Still WhatsAapp took the cream of the market in only few years. Why? Because it does not ask you to create a specific account or to be part of a closed user group. Anyone with phone number is direct member and is directly accessible!! So going forward, anyone who is in my contact list is a potential payee with full payee information already available in my phone book memory. Phew!!!! If this is not revolutionary, I don’t know what is.