More than one million users have registered with Paym, the mobile payment tool, within a 100 days of the service going live. Paym links a person’s bank account to their phone number allowing them to transfer money using their mobile phone.
Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB have been able to send and receive Paym payments since April 29th 2014.
Speaking to Mobile the Payments Council’s Senior Communications Officer Neil Aitken said: “We believe that Paym is a game changer. It’s the first service of this type that could extend to every current account type in the country. From a consumer perspective the real question with a service such as Paym is whether money can be transferred between individuals regardless of what bank they might be with. The number of users is only going to increase as more and more banks come on board. We are working at getting more banks on the scheme as we push towards ubiquity.
“The general trend in payment terms is for consumers to manage their money on mobile devices at a very high rate. People are using their phones to do almost anything quickly and securely and there’s no reason why transferring money can’t be part of that too.
“In terms of security the way that Paym has been developed is so that it integrates with a user’s bank application on their mobile phone. The infrastructure the payment is then made by is also within existing payment channels which gives customers the legal protection and security that they are already accustomed too.”