The Payments Council’s mobile payment system, Paym, is due to expand to a slew of new banks in 2015, bringing the total number of financial institutions supporting the system to 20.
The system, which allows registered users to transfer up to £250 between bank accounts using just a mobile phone number, was launched on 29th April this year with support from Lloyds, TSB, Santander, Cumberland Building Society, Danke Bank, Halifax and HSBC. The Payments Council has announced that the two big High Street holdouts, NatWest and Royal Bank of Scotland, will join the scheme this year, along with Clydesdale Bank, Isle of Man Bank, Ulster Bank and Yorkshire Bank. Meanwhile Metro Bank, Nationwide Building Society, Tesco Bank and online challenger banking outfit Ipagoo plan to launch Paym support in 2015. First Direct customers can begin to use the service immediately.
The Payments Council announced just a month after launch that half a million individuals had signed up to Paym – around 16,000 new users per day, however in the following four months that number halved to slightly more than 7,000 new registrations a day. As of yesterday Paym had 1.45 million registered users, meaning Paym registrations continue to slow; the system is now adding roughly 6,800 new users per day. Nevertheless UK banks are committed to promoting the scheme, and the Payments Council has hinted that the technology could be rolled out to allow payments to other unique identifiers, such as email addresses.
The planned expansion will mean Paym technology is available to some 40 million individuals, or around 90% of UK bank account holders.
The Payments Council’s Jemma Smith said:
“We’re really pleased that even more people now have the chance to join the 1.45 million that have already registered for Paym. The service has the potential to link up every bank account in the country with a mobile number – it’s a great example of industry-wide collaboration that delivers an easy to use, secure new way to pay for customers.”
Photo by Allan Donque