Mobile payment service Paym has launched today in the UK. The new service lets customers transfer money to other people via their mobile phone number, with no need to know bank account or sort code numbers.
Paym has been created by the Payments Council, which is the body that ensures payment services work in the UK, and is available to more than 30 million people across the UK.
Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB are able to send and receive Paym payments from today. Later this year the service is due to expand to cover more banks, becoming available on over 90% of current accounts.
Existing bank account apps will be updated to integrate Paym payments. To receive money, customers simply register their mobile phone number with a current account.
Adrian Kamellard, Chief Executive of the Payments Council, said “Paying someone back just got easier for millions of people. Paym is another safe and easy option to pay friends and family – after all, you probably already know all your friends and family’s mobile numbers, so why not use them if you need to send them some money?”