Financial Services & Insurance Research News

Recent research: Alternative payment market is supported by 17 banks and societies

Financial Services Market Research

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.

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The solution allows users to make peer-to-peer (P2P) transfers in real-time on their smartphones. Paym allows money to be transferred simply by selecting the recipient from the mobile's address book.

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To transfer money through Paym, both sender and recipient need to first register their mobile phone number with their respective banks or building societies in order to link the number with their current accounts. Users can then transfer funds simply using a mobile phone number instead of sharing current account details.

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Companies Mentioned:
Bank of Scotland
Cumberland Building Society
Danske Bank
First Direct
Lloyds Bank
Clydesdale Bank
Isle of Man Bank
Royal Bank of Scotland
Ulster Bank
Yorkshire Bank
Nationwide Building Society
First Direct

The solution is offered by banks and building societies as an additional service on their mobile banking apps. A maximum of £250 per day can be transferred in a day, though some banks offer higher limits.

The speed and security of money transfers using Paym are the same as for online bank transfers, as Paym uses the Faster Payments infrastructure.

The solution is now supported by 17 banks and building societies, including Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, First Direct, Halifax, HSBC, Lloyds Bank, Santander, TSB, Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank, Yorkshire 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, Santander, Yorkshire Bank, or Clydesdale Bank. There is no daily limit for receiving payments.

Each business account may have more than one registered phone number, depending on the bank’s policy.

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The report provides information and insights into alternative payment solution Paym, including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its users' profile
- The company's important events and milestones

- Launched in April 2014, Paym enables fund transfers between bank customers using mobile phones.
- As of July 2017, Paym has 3.9 million registered users of which 3.3 million are active.
- Since launch, Paym has processed transactions worth £300m.
- As of July 2017, Paym is supported by 17 banks and societies.

Reasons to access
- Gain insights into Paym's business operations, and key events.
- Gain insights into its product portfolio and working model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

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