From 29th April Paym, the new secure way to pay using just a mobile number, will launch across nine UK bank and building society brands.
Paym is now open for customers to register their mobile number in advance through the participating banks and building societies. The IOU UK report has shown that more than GBP12.6bn is outstanding in IOUs – registering in advance will make it easier for friends and family to pay money back.
The IOU UK report found that more than nine in ten UK adults believe it is common courtesy to be given assurance of when they can expect money to be paid back and nearly two thirds expect people to tell them what they need money for.
Adrian Kamellard, Chief Executive of the Payments Council said: “Most of us think that informal IOUs between people we know have a positive effect on our relationships but it’s also clear that we have expectations about the amount that it’s acceptable to borrow and how quickly it should be paid back.”
TV personality Rachel Riley, who is discussing Paym and how she manages IOUs with her friends and family on radio stations across the country today said: “When it’s one of the girls’ birthdays, the rest of us often club together to buy her a big present and then pay each other back afterwards. Paym is going to make that process so much quicker and easier for us and it means I won’t forget to pay back my IOUs.”
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