The UK’s Payments Council has said its proposed P2P mobile payment service, which will be launched shortly by nine of the country’s leading financial institutions, will use the ‘Paym’ brand.
The new service’s launch date was not revealed but will be announced in April, the council said. The original target for launch was Spring 2014, so the effort might still make it to market on time.
The service will enable payments to be made to or from a bank account without subscribers having to share sort code or account number, using the more secure option of a mobile number as a proxy. Users can use it for payments to other individuals or to businesses.
Initially, Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank will offer Paym to their customers, either via their online accounts or banking apps.
Clydesdale Bank, first direct, Isle of Man Bank, NatWest, RBS and Yorkshire Bank have all said they will launch later this year, while Nationwide confirmed its intention to come on board in early 2015.