One million sign-ups for Paym

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A new mobile payment service that allows people to transfer money as easily as texting has already attracted over a million subscribers, it has been announced.

Launched just over three months ago, Paym has partnered with a number of major banks and has the potential to link every current account in the UK to a phone number. Over GBP 6.5 million has been sent and received using Paym so far, and 30 million people are able to sign up for the service should they choose to.

At present, account holders at Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB able to access the service. By the end of 2014, customers of Clydesdale Bank, first direct, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank and Yorkshire Bank will also be able to access Paym, opening up the platform to 40 million people.

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