The UK Payments Council is planning to launch a new service called ‘Paym’ this Spring, which claims to offer citizens a secure means to transfer money to other bank accounts via mobile phone numbers.
The final testing for the service is in progress, which would be integrated into individuals’ existing mobile banking or payment applications as an added means to transfer funds.
Before the service goes live, users have to register their mobile phone number and select the current account they want to link to the service.
The service, which has been in development since 2011, will be offered to UK customers of the Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank.
Adrian Kamellard, the CEO of the Payments Council, said:"Paym will make it easier to repay a friend for cinema tickets, split a restaurant bill or settle up for a colleague’s birthday collection.
"Paym is a great example of industry-wide collaboration that delivers tangible benefits for customers.
"The service has the potential to link up every bank account in the country with a mobile number – millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay."
