M-payment service Paym available in the UK

Wednesday 30 April 2014 08:57 CET | News

The mobile payment service dubbed Paym has launched and is initially available for use by 30 million people in the UK.

The service enables people to transfer money by using mobile phone numbers and can be used by customers of the Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander, TSB and Danske Bank.

By the end of the year, a total of 40 million people will be able to access Paym, when other financial institutions such as Clydesdale Bank, first direct, Isle of Man Bank, NatWest, Royal Bank of Scotland and Yorkshire Bank join the project.

By that point, Paym is set to be available on more than nine out of 10 current accounts.

The service will allow people to transfer cash payments on their mobile by using the recipients phone number. It will be integrated into their existing mobile banking or payment app.

To make a payment, a user can either select the contact they wish to pay from their phone or key in their mobile number.

The app will ask them to confirm the name of the recipient and the amount before the money is sent.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: m-payment, mobile payment service, Paym, UK
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events