A new mobile payments service, Paym (pronounced “Pay Em”) was launched on 29th April by the Payments Council. This is the new, secure way for consumers to pay using just a mobile phone number. Paym makes paying friends, family or small traders quick and easy, without exchanging sort codes or account numbers.
Carshalton and Wallington MP Tom Brake said:
“This is a great service which will make it easier for consumers in the borough to transfer money.”
“Paym is also a boost to the many sole traders and small businesses in Sutton. They are a vital part of the local economy and Paym offers them a new way to receive payment.”
At the launch, customers of nine bank and building society brands - Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank - will be able to use the new service.
The service will be expanded further still later in 2014 with Clydesdale Bank, first direct, Isle of Man Bank, NatWest, The Royal Bank of Scotland, and Yorkshire Bank committed to join, meaning Paym will be available on more than nine out of ten current accounts by the end of 2014. Nationwide Building Society have also confirmed their intention to join in early 2015, while Metro Bank and Ulster Bank head up the list of other interested parties who are finalising their launch plans.
For more information about Paym or to register, visit www.paym.co.uk.