Paym: the UK’s mobile payment system

Pay.UK contacted us a few days ago to provide updated figures for Paym: the UK’s mobile payment system so we’ve updated our Paym briefing: Paym: the UK’s mobile payment system.

Paym is a mobile payment system operated by Pay.UK and offered by the majority of the UK’s banks and building societies. Recipients are identified by their mobile phone number rather than their bank sort code and account number.

Launched by the Payments Council in 2014, the service initially went live with a wide range of banks and building societies including Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, Lloyds Bank, Santander and TSB.

Paym’s coverage has since increased following support from more banks including Clydesdale Bank, Royal Bank of Scotland Group (now Nat West Group) and Nationwide.

Since launch over 5.7 million people have registered to use Paym, more than 90% of UK current accounts are now able to support the service and over £1.76 billion has been transferred via Paym.

Find out more about: Paym: the UK’s mobile payment system.

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