On 10 March 2014, the Payments Council announced that its new secure way for consumers to pay using just a mobile number will be called ‘Paym’. On 2 April the Payments Council then announced that the launch date of Paym will be 29 April 2014. A new webpage, overview document and frequently asked questions page about Paym have also been published by the Payments Council.
Paym will be integrated into customers’ existing mobile banking apps as an additional way to pay, making it possible to send and receive payments using just a mobile number. At launch, the customers of nine banks and building societies will be able to use the new service.
What this means for you
Currently any payment service provider authorised or registered with the FCA under the Payment Services Regulations 2009, with access to Faster Payments and/or LINK, will be able to participate in Paym. Participants are required to sign up to an agreement to join the service containing rules, standards, a security code of conduct and an obligation to contribute to the costs of the service proportionate to the relevant participant’s use.