Paym Mobile Payment System launching by UK Payments Council

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UNIFIED MOBILE APPS MAKE IT EASIER TO TRANSFER CASH BETWEEN ACCOUNTS ON THE GO

Paym, pronounced ‘Pay Em’ is a mobile payments system created by the banking industry that should be here late this year. The intention is to unify an area that doesn’t quite seem to have found common ground as yet.

That part is new, but the idea utilises technology and ideas that have been experimented with previously. First up, you need to register your bank account to use Paym. Once you’ve done that, you can send money to anyone else who has done the same simply by knowing their mobile phone number. That means no sort codes or account codes, although you will still have to do it all via an app and a passcode.

According to Adrian Kamellard, chief executive of the Payments Council, it makes it easy to do those tasks that would normally involve cash, like paying back money, splitting a bill and so on. He added:

‘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 first banks to say they will offer the new system to their customers are:

  • Bank of Scotland
  • Barclays
  • Cumberland Building Society
  • Danske Bank
  • Halifax
  • HSBC
  • Lloyds Bank
  • Santander
  • TSB Bank

Later this year it will also be used by:

  • Clydesdale Bank
  • First Direct
  • Isle of Man Bank
  • NatWest
  • RBS International
  • The Royal Bank of Scotland
  • Yorkshire Bank

That potentially covers 90% of bank account holders. If they choose to use it.

If anything does go wrong the service can be suspended and according to the Payments Council,

‘you get the same legal protection with Paym that is already applied to your other current account, online and mobile payment services.’

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