The Paym (pronounced ‘pay em’) mobile payments system has been extended to customers of six more banks: Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank and Yorkshire Bank.
Launched back in April, Paym allows users to transfer money using just a mobile phone number.
The expansion of the service means customers of 16 banks and building societies can now use it, although Isle of Man Bank, NatWest, RBS and Ulster Bank customers won’t be able to send payments until next summer.
As well as the new additions, it’s also available to customers of the following:
- Bank of Scotland;
- Barclays;
- Cumberland Building Society;
- Danske Bank;
- Halifax;
- HSBC;
- Lloyds Bank;
- Santander;
- TSB.
How Paym works
[SPOTLIGHT]To use Paym you need to link your mobile phone number to the current account you’d like to receive money into. If you want to send money to someone else, they need to do the same.
Then you just use your bank or building society’s app to send money payment to the other person’s account by entering their mobile phone number via Paym. You don’t even need a smartphone to receive money.
A successful launch
Around 1.6 million people are now registered to use Paym, according to the latest figures from the Payments Council, with £15 million having been sent using it.
Ipagoo (which launches UK current accounts in January), Metro Bank, Nationwide and Tesco Bank are all due to join the service next year.
Have you used Paym? If so, would you recommend it? Let us know in the Comments box below.