I must add that money transfers between accounts in banks in the US, as well as accounts in banks in the UK and banks in the Euro zone have been available for some time, but require some expertise to effect. If Paym provides a secure, simple method for such transfers, it might be a welcome development. It is reasonable that such transfers might replace checks, but a bit of a stretch to say that they will replace use of the debit card at the point of sale, which would require exposure of bank account information in an insecure network. That said, use of debit cards at the point of sale also exposes consumer bank account information in an insecure network.