Paym available to even more customers
Customers of Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank and Yorkshire Bank can now register for Paym, adding to the number of leading UK banks and building societies offering the secure way to pay using just a mobile number.
Isle of Man Bank, NatWest, RBS and Ulster Bank customers are able to receive Paym payments from today with the ability to send payments coming for these customers from the middle of 2015.
Customers of Clydesdale Bank and Yorkshire Bank are able to send and receive Paym payments from today. They join Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander and TSB in offering Paym – which is the first mobile payment service with the potential to link up every current account in the country with a mobile number.
Since the service launched in April this year 1.6 million customers have registered their mobile number with their bank or building society to receive payments through Paym – and over £15m has been sent. The roll-out will continue with Ipagoo, Metro Bank, Nationwide Building Society and Tesco Bank all planning to join from next year onwards.
Paym is integrated into customers’ existing mobile banking or payment apps as an additional way to pay, making it possible to send and receive payments to friends and family using just a mobile number. More than 40 million customers are now able to register for Paym - representing over nine out of ten current accounts.
How to use Paym
To receive money through Paym, register your mobile number with your participating bank, building society or payment provider and nominate which account to link it to.
Your friends can then pay directly into your account using just your mobile number – no sort codes or account numbers. You don’t need a smartphone to receive payments and you still receive the money if your phone is off or out of coverage.
You use your payment provider’s existing mobile banking or payments app to send a Paym payment, meaning you get the same security protection and speed of payment you’re used to. Just use the app to select a mobile number from your contacts or type it in manually.
Every time you send a payment, Paym lets you verify the name of the recipient before confirming the payment, so you can check you’re sending money to the right person.
You can send payments to anyone else who has registered for Paym, even if their account is with a different participating bank, building society or payment provider.
You can send up to £250 a day through Paym, although some of the participating organisations offer a higher daily limit.
Visit paym.co.uk to find out how to register, or go to your bank, building society or payment provider’s website for more information.
Maurice Cleaves, Interim Chief Executive of the Payments Council, said: “Paying back a friend using their mobile number is as easy as sending a text, so it’s no surprise that 1.6 million people have signed up for Paym since it launched in April. More banks joining today is great news for customers and we look forward to the service continuing to grow through 2015 and beyond.”