The service is a new secure way for consumers to send and receive payments using just a mobile number. It will be available on HSBC's mobile banking app, and by registering now, customers can send and receive their first payment on 29th April. All app users will receive an automatic update with the new service. HSBC customers who register for the service will be entered into a prize draw to win a HTC One mini phone every day throughout April.

HSBC's app now sees nearly one million log-ons each week since its launch in August 2013. Earlier this year, the bank confirmed it will participate in Zapp, which will allow customers to pay for goods and services in shops or online using their mobile banking app. In 2013 HSBC was named the 'most engaged bank on social media' according to research by IMGroup. The report found that HSBC responds to 85% of queries and averages a response time of just thirty minutes on Twitter.

Carl Howard, HSBC UK Head of Digital said:

"Customer demand for mobile banking services is growing. People want to do their banking with us when it suits them, whether it's at home, work, or if they're out and about. We've just added a range of new features for our mobile banking app and customers will be able to use Paym when it launches. We welcome this new initiative, which will make paying friends or family even easier."