UK Banks to Launch Unified Mobile Payment Service
Published on: 10th Mar 2014
A method for UK consumers to pay using just a mobile number has been developed and is to be called Paym pronounced "Pay Em" with the brand revealed for the first time by the UK's Payments Council.
Final testing for Paym is on track and the launch date will be announced in April, when participating banks and building societies will be able to use the logo. The industry-wide collaborative project is the first service with the potential to link up every current account in the country with a mobile number.
The intention is that Paym will be integrated into customers' existing mobile banking or payment apps as an additional way to pay, making it possible to send and receive payments using just a mobile number. At launch, customers of nine of the UK's largest bank and building societies will be able to use the new service.
From launch in spring, Paym will be the most wide-ranging payment service capable of moving funds directly from account to account, without the need for sort codes or account numbers.
Adrian Kamellard, Chief Executive of the Payments Council, said: "We're all used to the idea of a 'mobile update' to improve our apps - Paym is a mobile update for payments that means you can pay securely using just a mobile number."
"The service has the potential to link up every bank account in the country with a mobile number - millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay."
The participating banks at launch are: Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank.