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Mobile payments gain momentum with launch of Paym

29th April 2014 Print

Commenting on the launch of the new mobile payment system, Paym, Ernest Doku, telecoms expert at, says:

“We have been hearing a lot about the advent of the mobile wallet in the last fifteen years, but it looks like only now is m-commerce finally gaining real momentum.
“It’s exciting to see how quickly this space is developing, with Transport for London announcing that it is in talks with EE and Vodafone to allow commuters to use their NFC-enabled phones to pay for tube fares, and the launch of ventures such as Paym, Zapp and Pingit.  It looks like paying for goods as we know it could become a thing of the past.
“Many of these m-payment systems are partnering with the UK’s leading financial services and mobile brands to further develop mobile wallet services. Trusted names and an easily integrated payment app could be just what is needed to break down some of the barriers.
“What’s interesting about Paym is its simplicity – once you and your recipient have registered, it’s the first system of its kind for which having someone’s mobile number is sufficient to send them money.
“This is really promising, but there are some hurdles to overcome. Fears about smartphones containing personal data being stolen and a limited number of partners have so far put the brakes on the take-up of this tech, and it remains to be seen if Paym can build enough trust in consumers - as well as deliver a simple and secure payment method - in order to promote mass uptake.”