“I welcome the introduction of the new mobile payments service, Paym, which will make it easier for consumers in Tameside and Stockport to transfer money to friends, family and traders quickly and securely. This system offers greater flexibility to banking customers in how they make and receive payments and I am confident that people will want to take advantage of this. “It is also a boost to the many sole traders and micro-businesses in our community. They represent a vital part of the local economy and this service offers them a new way to receive payment quickly and securely.”
Local MP Andrew Gwynne has backed the introduction of a new way for consumers to pay using their mobile phones, suggesting it will boost local small businesses in Tameside and Stockport.
A new mobile payments service, Paym (pronounced “Pay Em”) was launched on 29th April by the Payments Council. It is the new, secure way for consumers to pay using just a mobile phone number. Paym is the first industry-wide collaborative project with the potential to link up every current account in the country with a mobile number, and makes paying friends, family or small traders quick and easy, without exchanging sort codes or account numbers.At the launch, customers of nine bank and building society brands – Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank – will be able to use the new service.
The service will be expanded further still later in 2014 with Clydesdale Bank, first direct, Isle of Man Bank, NatWest, RBS International trading as NatWest, The Royal Bank of Scotland, and Yorkshire Bank committed to join, meaning Paym will be available on more than nine out of ten current accounts by the end of 2014. Nationwide Building Society have also confirmed their intention to join in early 2015, while Metro Bank and Ulster Bank head up the list of other interested parties who are finalising their launch plans. With the delivery of the Faster Payments Service, the Current Account Switch Service, and now Paym, the UK can be considered a world-leader in payments innovation to help customers. All have been delivered on a cross-industry basis by the Payments Council to improve the experience of customers across the financial industry. Andrew Gwynne MP said: