The Payments Council has announced the upcoming launch of its new platform dubbed Paym. The service will provide a secure way for consumers to pay using just a mobile number.
Final testing for Paym is on track and the launch date will be announced in April, when participating banks and building societies will be able to use the logo. The industry-wide collaborative project is the first service with the potential to link up every current account in the country with a mobile number.
Paym will be integrated into customers’ existing mobile banking or payment apps as an additional way to pay, making it possible to send and receive payments using just a mobile number. At launch, customers of nine bank and building society brands – Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank – will be able to use the new service.
The nine launch brands will offer their customers the opportunity to register their mobile number and select the current account they want payments made into before the service goes live.
From launch in spring, Paym will be the most wide-ranging payment service capable of moving funds directly from account to account, without the need for sort codes or account numbers.
Adrian Kamellard, Chief Executive of the Payments Council, said: “We’re all used to the idea of a ‘mobile update’ to improve our apps – Paym is a mobile update for payments that means you can pay securely using just a mobile number. Paym will make it easier to repay a friend for cinema tickets, split a restaurant bill or settle up for a colleague’s birthday collection.”
Whitepapers
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