Paym ( ) is a mobile payment system provided by banks and building societies in the United Kingdom. Recipients are identified by their mobile phone number instead of bank details such as sort code and account number. The service was developed by the Payments Council and participating banks and building societies, with Bank of Scotland,

Barclays Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces ...

Cumberland Building Society The Cumberland Building Society was established on 16 April 1850 as the Cumberland Co-operative Land and Benefit Building Society. It has its headquarters in Carlisle, Cumbria, England. It is the 10th largest in the United Kingdom based on tota ...

Danske Bank Danske Bank A/S is a Danish multinational banking and financial services corporation. Headquartered in Copenhagen, it is the largest bank in Denmark and a major retail bank in the northern European region with over 5 million retail customers. ...

, Halifax,

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

, Lloyds Bank, Santander and TSB involved from the launch in April 2014. More than nine out of ten

current account Current account or Current Account may refer to: * Current account (balance of payments), a country's balance of trade, net of factor income and cash transfers * Current account (banking) A transaction account, also called a checking account, ch ...

s in the UK support Paym after Clydesdale Bank,

First Direct First Direct (styled first direct) is a telephone and internet based retail bank division of HSBC Bank plc based in the United Kingdom. First Direct has headquarters in Leeds, England, and has 1.45 million customers. It was awarded Most T ...

, Isle of Man Bank,

NatWest National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it ...

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, The Royal Bank of Scotland, and Yorkshire Bank joined later in 2014. Nationwide Building Society joined Paym in June 2015, with Metro Bank and Tesco Bank planning to join later in 2015. The underlying network technology is provided by VocaLink. The name "Paym" is stylised in the logo with a slight gap between "Pay" and "m", and is a play on words over "Pay 'em", a contraction of "Pay them", and "Pay M" alluding to "Pay Mobile". In 2018 Paym had around 4 million users. The recipient must register in order to link their mobile phone number with their bank account. Those wishing to make a payment to a registered phone number can use their existing mobile banking or online banking service. Payments made through Paym take place at the same speeds as existing

Faster Payments The Faster Payments Service (FPS) is a United Kingdom banking initiative to reduce payment times between different banks' customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-estab ...

or LINK payment mechanisms. The sender enters the recipient's phone number (or selects their number in their own phone's address book). The sender's bank then retrieves the account number and sort code associated with that phone number, and then sends the money using the Faster Payments Service. The sender is shown the recipient's name (in order to confirm that they are paying the right person) but not their account details. The Paym service will be coming to a close on 7 March 2023.

References

External links

Paym Mobile Payments
Banking in the United Kingdom Banking technology Mobile payments {{Finance-stub

See also

References

External links