Alternative Payment Solution: Paym
Paym is a UK-based mobile payment solution launched in April 2014. The Payments Council was initially responsible for supporting the launch of Paym, which is now run by Mobile Payments Service Company. The solution allows users to make P2P transfers in real-time via smartphone. Paym allows money to be transferred simply by selecting the recipient from a mobile phone address book. To transfer money through Paym, both sender and recipient need to first register their mobile phone number with their respective bank or building society in order to link the number with their current account. Users can then transfer funds using a mobile phone number instead of sharing current account details.
The solution is offered by banks and building societies as an additional service on their mobile banking apps. The daily transaction limit varies across banks. The speed and security of money transfers using Paym is the same as for online bank transfers, as Paym uses the Faster Payments infrastructure. Paym is supported by 15 banks and building societies: Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander, TSB, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank, and Nationwide Building Society.
In addition to P2P transfers, Paym can be used for consumer-to-business (C2B) payments if the business account is registered with Barclays, HSBC, or Santander. There is no daily limit for receiving payments.
The report provides information and insights into alternative payment solution Paym, including -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook