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Wallet Database


21st of August 2016


User Experience

  • Registration & set up: Registration process can be done through Paym website. User must have an account with one of the 27 participating banks and building societies. User links his bank account to Paym through his phone number. So user needs to register his mobile number with his bank.

  • Making a payment: User logs in to his bank or building society’s app as he would normally. Then instead of entering someone’s current account number and sort code, user can either select the contact he wish to pay or manually enter their mobile number. Every time user sends money through Paym, he gets to verify the name of the recipient, so he can check he is sending money to the right person. No need for double authentication.

Payment Flows & Technology

  • Merchant perspective: Five participating UK banks offer Paym for business customers. Merchant can register multiple mobile numbers to one account. The payment can take up to 2 hours although most are received within seconds. Payments are made at the same speed as existing mobile or online payments – in most cases, almost immediately. Paym does not offer API support for integration into third party payment processes.

  • Security: Paym has been built by all the participating banks and building societies together, to the highest possible security standards. (Update to follow – Further information being obtained)  

Business Model

  • Strategy: (Update to follow – Further information being obtained)

  • Payee fee: (Update to follow – Further information being obtained)

  • Payer fee: No charge for consumer 

Performance Data

  • Launch date: UK (Apr ’14)

  • Closed Date: N/A

  • Users: Over 3 million (source:

  • Retailers / merchants: No data yet

  • Transaction volume: 0.26 transactions every 3 months per registered users (source:

  • Transaction value: Average transaction value Q4 2015: £ 49.48 (source:

  • Other data points: No data yet 

Contact (MobeyForum Members only)

  • Name: N/A

  • Address: N/A

  • Email: N/A

  • Phone: N/A