Paym sends £26m in payments

More than 1.8 million people have registered to make payments to people using only their mobile phone number

More than 1.8 million people have registered to make payments to people using only their mobile phone number.

Paym, which was set up by finance regulator the Payments Council in January 2013, enables transfers between all UK bank accounts using just mobile numbers and has been used to send more than £26m.

Barclays Bank already supported mobile payments through its Pingit app, but the Payments Council wanted a cross-bank system.

The money is transferred using the same systems as other payments, including Faster Payments and Link. Most UK banks have joined the service.

Paym managing director Craig Tillotson said nine out of 10 current account holders can now register to receive payments using just their mobile number. 

“Paym means securely settling up with friends and family for weekend fun has never been easier," he said. "No sort codes, no account numbers and no cash needed.”

The most common use of Paym is people paying back friends (21%). According to 28% of people, the main advantage is the fact recipients of payments do not have to give their bank details. A quarter of people said less need to carry cash around is an advantage.

Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank, Yorkshire Bank, Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, First Direct, Halifax, HSBC, Lloyds Bank, Santander and TSB are already offering Paym.

Ipagoo, Metro Bank, Nationwide Building Society and Tesco Bank are expected to join the scheme.

In March 2014, the Payments Council forecast one billion payments to be made to people using mobile phone numbers through Paym by the end of 2018, according to a report.

Read more on Financial applications

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

SearchCIO

SearchSecurity

SearchNetworking

SearchDataCenter

SearchDataManagement

Close