UK mobile payment service Paym
, which is operated by Pay.UK alongside a group of banks and building societies, will close on 7th March 2023. The service, which allowed users to make and receive payments using their mobile phone numbers, was launched in 2014.
Pay.UK notes that payment volumes through Paym have fallen over the past three years. It says its decision reflects the rapid evolution in payments technology and services during the past eight years.
Customers who use Paym will need to set up alternative payment methods before the service is shut down. However, the operating company already notes a shift towards newer forms of mobile payment and online banking, which it says are built on the foundation created by Paym.
In a statement, Dougie Belmore, Chief Payments Officer of Pay.UK, said "Paym has been an important service for nearly nine years. But the emergence of new products and services, driven by the UK’s world-leading payments sector, means it is time to make the move to faster, and better systems for consumers and businesses."