Its getting easier to spend money fast - if only we could find a way of earning money fast this would be a much better story.
We have had in the past banking apps that allow payments via smart phones...but what makes the PayM system different is that it is already supported by the banks and building societies where 70 percent of us have currents accounts.
If you are one of their 30 million customers, you can register with them for this new system.
One or two big names, such as RBS/Natwest, are missing from the list of banks supporting PayM, but I'm told they will join by the autumn.
You can send £250 a day through the system. There are three levels of security to pass before a payment can be sent. In addition, senders also get confirmation of the amount of money they send and to whom it is sent, via text message.
This means potentially fraudulent use can be picked up as soon as possible. So now its only a question of which I run out of first - money or phone signal!