Categories: MobilityWorkspace

Paym To Let UK Bank Holders Make Payments To Mobile Numbers

UK bank customers will soon be able to send and receive money using their mobile phone number by signing up to the new Paym service, which launches on 29 April.

Registration has opened for customers of a number of banks and building societies – the service ties a user’s number to a nominated current account. By signing up now, customers will ensure they can receive money from the launch data, although registration is not required for payees to send money if it is done through a bank’s mobile application.

Paym will be operated by the Payments Council, which claims that bank customers give out an average of £255.81 a year in informal loans to share the cost of expenses such as lunch or household bills, amounting to £12.6 billion a year.

Paym registration

Customers of Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander and TSB can register today, while Danske Bank customers can register from the 25th. Clydesdale Bank, first direct, Isle of Man Bank, NatWest, RBS International trading as NatWest, The Royal Bank of Scotland, and Yorkshire Bank will join Paym later this year, while Nationwide customers can sign up in early 2015. Metro Bank and Ulster Bank are finalising their plans.

In early 2012, Barclays launched Pingit, a mobile application which linked a person’s mobile phone number to their current account through an app. It was initially only available to Barclays customers, but has since been rolled out to all UK current account holders.

What do you know about the smartphones of 2013? Try our quiz!

Steve McCaskill

Steve McCaskill is editor of TechWeekEurope and ChannelBiz. He joined as a reporter in 2011 and covers all areas of IT, with a particular interest in telecommunications, mobile and networking, along with sports technology.

Recent Posts

UK’s CMA Readies Cloud Sector “Behavioural” Remedies – Report

Targetting AWS, Microsoft? British competition regulator soon to announce “behavioural” remedies for cloud sector

10 hours ago

Former Policy Boss At X Nick Pickles, Joins Sam Altman Venture

Move to Elon Musk rival. Former senior executive at X joins Sam Altman's venture formerly…

12 hours ago

Bitcoin Rises Above $96,000 Amid Trump Optimism

Bitcoin price rises towards $100,000, amid investor optimism of friendlier US regulatory landscape under Donald…

14 hours ago

FTX Co-Founder Gary Wang Spared Prison

Judge Kaplan praises former FTX CTO Gary Wang for his co-operation against Sam Bankman-Fried during…

14 hours ago