UKs Payments Council to launch m-payment service Paym

Tuesday 11 March 2014 10:26 CET | News

UK banks are set to launch Paym, a person-to-person mobile payment service that uses mobile phone numbers to identify recipients.

With this service, the sender doesn`t need to know recipients banking details.

According to the UKs Payments Council, final testing of the service is taking place, and the launch date will be announced in April 2014. The Payments Council is responsible for ensuring the operation of payment systems such as ATM networks, cheque clearing, and automated clearing house (ACH) transfers in the UK.

The final phase of the Paym project follows the completion in December 2012 of a central database enabling banks to store customers mobile phone numbers and link them to their account details.

Nine banks and building societies are set to provide the Paym service: Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank. Several other banks have committed to joining Paym later in 2014, making the service available to nine out of 10 UK checking account holders.

Customers can access Paym by logging in to their bank’s mobile banking app.

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Keywords: UK, Payments Council, Paym, mobile payment, person to person transfer
Categories: Payments & Commerce
Countries: World
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