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.
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The Orange Money service now has 10 million customers worldwide, less than six years after it launched and less than two years after passing the 5 million mark.
Last year, transactions worth over €2.2 billion were conducted through Orange Money.
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Vodafone has brought its M-Pesa mobile money transfer and payment service to Europe today.
The service, which was launched in Kenya seven years ago, is now being offered in Romania.
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The number of banking transactions made on mobile phones by British customers has doubled in a single year, according to new figures from a UK banking trade organisation.
Customers of the five biggest retail banks used mobile phones for 18.6 million transactions a week in 2013, according to the BBA. That compares with 9.1 million in 2012.
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Payments Council confirms its mobile payments service will be called Paym
A new industry-wide mobile payment service says its final testing is on track and it’ll announce a launch date next month.
Once the Paym service is launched, consumers will be able to transfer money to someone else’s bank account by using their mobile phone number instead of a sort code and account number.
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