On 2 April 2014, the Payments Council announced the launch of Paym, a new mobile payments service. Customer registration opened on 2 April 2014, and Paym became operational on 29 April 2014. Paym is currently used by nine major banking institutions with others set to join later in the year and during the course of 2015.

What this means for you

Paym allows customers to make payments directly to an account held with a participating bank or building society through the use of a mobile telephone number. Payment service providers (PSPs) who wish to use Paym must be authorised or registered with the FCA with access to Faster Payments or LINK.