21st of August 2016
- Summary: Paym is an account to account digital wallet for P2P payments operating in UK and launched in Apr 2014. Paym is run by the Mobile Payments Service Company Limited (MPSCo) and the underlying network technology is provided by VocaLink.
- Website: www.paym.co.uk
- Status: Live
- Market: UK (Apr ’14)
- Type: Bank Consortia
- Ownership: Paym is run by the Mobile Payments Service Company Limited (MPSCo). The service was developed by the Payments Council and participating banks and building societies, with Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB involved from the launch in April 2014. First Direct, Isle of Man Bank, NatWest, RBS International, The Royal Bank of Scotland, and Yorkshire Bank joined later in 2014. Nationwide Building Society joined Paym in June 2015. The underlying network technology is provided by VocaLink, a member of the wider Single Euro Payments Area (SEPA) network.
- Functions: P2P payments, Retail payments (only for small business and sole traders)
- Payment Mode: Account to account
- Channel: SMS
- Roadmap: n/a
- 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)
- Strategy: (Update to follow – Further information being obtained)
- Payee fee: (Update to follow – Further information being obtained)
- Payer fee: No charge for consumer
- Launch date: UK (Apr ’14)
- Closed Date: N/A
- Users: Over 3 million (source: finextra.com)
- Retailers / merchants: No data yet
- Transaction volume: 0.26 transactions every 3 months per registered users (source: finextra.com)
- Transaction value: Average transaction value Q4 2015: £ 49.48 (source: finextra.com)
- Other data points: No data yet
Links & Media
Contact (MobeyForum Members only)
- Name: N/A
- Address: N/A
- Email: N/A
- Phone: N/A