Paym: The UK's Mobile Payment System Explained

Paym is a mobile payment system that allows you to make payments using your mobile phone. It was launched in 2013.

You can use Paym to pay anyone with a UK bank account, as long as they have registered for the service. This means you can pay your friends, family, or even your landlord using just your mobile phone.

To use Paym, you need to have a UK bank account and a compatible mobile phone. Most major UK banks offer Paym, so it's likely you already have access to the service.

You can register for Paym by contacting your bank or by using their mobile banking app. It's usually a quick and easy process, and you can start making payments within a few minutes.

For your interest: Uk Bank Swift Code

Paym is a mobile payment service that allows users to send and receive money using just a mobile phone number. It was launched in the UK in 2013.

Paym is a collaboration between several major UK banks, including Barclays, HSBC, Lloyds, Santander, and more.

To use Paym, you need to register your mobile phone number with your bank.

You can send and receive money using just your mobile phone number, without needing to share account details.

Paym is available on most mobile phones, including Android and iOS devices.

Paym is a secure service, with payments protected by the same security as online banking.

Paym works by using the Paym website to explain its service, providing a simple and straightforward understanding of how it operates.

The service allows for instant payments, unless it's 2am on a Saturday, when payments may take a bit longer.

Payments made through Paym happen at the same speed as existing current account, online, and mobile payment services.

If this caught your attention, see: Banking as a Service Platform

Paym was a simple and convenient way to send and receive money using just a mobile phone number. The Paym website provided a straightforward explanation of how the service worked.

You could use Paym to send money to anyone who had a UK bank account, as long as they had also registered for the service.

To send money, you would just need to know the recipient's mobile phone number, and they would receive a text message with a unique reference number.

The Paym website explained that the service worked by using a mobile phone number as a unique identifier, rather than a traditional account number.

This made it easy to send and receive money, without having to worry about remembering complicated account details.

Paym was a secure service, with all transactions protected by the same security measures as online banking.

Payments through Paym will happen at the same speed as existing current account, online, and mobile payment services. This means you can expect instant payments in most cases.

Unless it's 2am on a Saturday, when payments might be delayed slightly.

Paym offers a convenient way to send and receive money using just a mobile phone number.

With Paym, you can send money to anyone with a UK bank account and a mobile phone number, making it a great option for splitting bills with friends or family.

The service is free to use for most people, with a small charge for some types of transactions.

Worth a look: B of a Mobile Banking App

You don't need to remember or ask for anyone's bank details to pay them with Paym, as long as they've registered to receive payments in their banking app and you've registered too.

Secure payments are guaranteed with Paym, as it's offered by 15 banks and building societies, providing the same level of security you're used to with your bank or building society.

You don't need to download another app to use Paym, it's already in your banking app, so you can make payments without cluttering up your phone with extra downloads.

For your interest: Building Societies in England

The cost of using Paym is currently free, thanks to banks and building societies eager to get customers on board with the new mobile payment system.

You'll likely be notified if anyone starts charging for transactions made using the service, but for now, it's free to use.

Check this out: Cash App Card Atm No Fee

If your phone gets stolen, you won't be able to access Paym without your bank app passwords and security codes. Contact your bank immediately to suspend the service until you can change your passwords and other security settings.

Paym is safe because it uses your existing mobile banking or payment app, which is already secure. This app is protected by data protection laws and is regularly reviewed by your bank or building society.

The only information stored is the phone number you're using to send and receive payments, so your bank account information remains secure.

You don't necessarily need a phone to use Paym, but you will need to register a mobile phone number to make it work and receive payments.

It sounds dodgy, but it's actually safe. Paym works via your current banking app, which means it's already secure.

Your bank account information is held securely within the mobile banking app, fully protected by data protection laws. This is the same level of security you have with your other banking services.

The only information stored is the phone number you're using to send and receive the payment. This is all Paym needs to facilitate transactions.

Paym itself states that the service has been developed by participating UK banks and building societies to meet their high security levels. This gives you peace of mind knowing that Paym is built with security in mind.

You're covered by the same legal protection as with your other banking services, so you don't have to worry about additional risks.

If your phone gets stolen, you won't be able to access the Paym service without your bank app passwords and security codes.

You should contact your bank immediately to report the lost or stolen phone.

Your bank or building society can then suspend the service until you can change your passwords and other security settings.

You are covered by the same legal protection as your current account, online and mobile payment services, as long as you didn't act fraudulently or without reasonable care.

This means you can use Paym again once you've secured your account.

Most UK banks have signed up to Paym, a mobile payment service. However, one notable bank missing from the list is Natwest, which plans to roll out support later this year.

On day one, the following banks will be supporting Paym: Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds, Santander, and TSB.

Other banks and building societies have also committed to joining Paym, including Clydesdale Bank, First Direct, Isle of Man Bank, NatWest, RBS International trading as NatWest, The Royal Bank of Scotland, Ulster Bank, and Yorkshire Bank.

Nationwide Building Society plans to join in early 2015, while Metro Bank is finalising its plans to join the service.

Here's a list of the banks and building societies currently signed up to Paym: