The recipient had to register in order to link their mobile phone number with their bank account. Those wishing to make a payment to a registered phone number could use their existing mobile banking or online banking service.[3] Payments made through Paym took place at the same speeds as existing Faster Payments or LINK payment mechanisms.[6]
The sender would enter the recipient's phone number (or selects their number in their own phone's address book). The sender's bank would then retrieve the account number and sort code associated with that phone number, and then send the money using the Faster Payments Service. The sender was shown the recipient's name (in order to confirm that they were paying the right person) but not their account details.
paym, confused, with, paytm, mobile, payment, system, provided, banks, building, societies, united, kingdom, recipients, were, identified, their, mobile, phone, number, instead, bank, details, such, sort, code, account, number, foundedapril, 2014, 2014, founde. Not to be confused with Paytm Paym ˈ p eɪ em PAY em was a mobile payment system provided by banks and building societies in the United Kingdom 2 Recipients were identified by their mobile phone number instead of bank details such as sort code and account number 3 PaymFoundedApril 2014 2014 04 FounderPayments CouncilDefunctMarch 2023 2023 03 Area servedUnited KingdomServicesMobile paymentsParentMobile Payments Service Company Limited 1 Websitepaym wbr co wbr ukThe service was developed by the Payments Council and participating banks and building societies with Bank of Scotland Barclays Cumberland Building Society Danske Bank Halifax HSBC Lloyds Bank Santander and TSB involved from the launch in April 2014 4 More than nine out of ten current accounts in the UK supported Paym after Clydesdale Bank First Direct Isle of Man Bank NatWest RBS International 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 was 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 5 The recipient had to register in order to link their mobile phone number with their bank account Those wishing to make a payment to a registered phone number could use their existing mobile banking or online banking service 3 Payments made through Paym took place at the same speeds as existing Faster Payments or LINK payment mechanisms 6 The sender would enter the recipient s phone number or selects their number in their own phone s address book The sender s bank would then retrieve the account number and sort code associated with that phone number and then send the money using the Faster Payments Service The sender was shown the recipient s name in order to confirm that they were paying the right person but not their account details The Paym service closed down on 7 March 2023 7 See also editBarclays Pingit Swish payment A similar system in use in Sweden PayID A similar system in use in Australia MB Way A similar system in use in PortugalReferences edit About Us Paym Retrieved 11 January 2017 Paym overview Payments Council Retrieved 21 April 2014 a b Payments via mobile number to start this month BBC News 2 April 2014 Who is involved Payments Council Retrieved 21 April 2014 FAQs Papworth Jill 10 March 2014 Paym promises mobile to mobile current account payments The Guardian Paym mobile payments service to close in 2023 External links editPaym Mobile Payments nbsp This finance related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Paym amp oldid 1148460041, wikipedia, wiki, book, books, library,
