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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Financial institutions representing 90% of all current accounts in the UK have committed to launching a new mobile payment service in spring next year.
Customers will be able to make payments by quoting the recipient’s mobile phone number instead of their bank sort code and account number.
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