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Over one million join mobile payment service Paym

By Vicky Shaw

More than one million people have registered for a new mobile payment service which has the potential to eventually link up every current account in the country with a phone number.

Paym, which helps people to transfer money as easily as texting, was launched at the end of April and it picked up its one millionth user registration around three months later, on July 31, according to the Payments Council, which is overseeing the initiative.

More than £6.5m has been sent using Paym so far.

The service is being launched across the industry in waves, with 30m people initially able to sign up for the service if they wish to.

Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB have been able to send and receive Paym payments since April 29.

By the end of the year, a total of 40m people will be able to access Paym, when Clydesdale Bank, first direct, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank and Yorkshire Bank come on board.

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