Mobile money: Paym phone payments app launches
29 April 2014 Last updated at 00:58 BST
Paym, the system which links your mobile phone number to your bank account goes live on Tuesday.
The app may have a better chance than others of finally gaining widespread acceptance for mobile payments.
Will using your mobile phone to pay for things finally take off?
Rory Cellan-Jones met George Charalambous, HSBC's head of mobile banking, to find out how it works.