30 September 2022

UK mobile payment system Paym shut down

Written By FinTech Alliance

UK mobile payment system Paym shut down

Paym, the UK’s mobile payment service launched by banks in 2014, is being round up. 

In Brief:

Paym was launched by 15 of the UK’s biggest banks and building societies. 

It enabled users to transfer payments using an email address within their bank account. 

It's used by about 500,000 people on a regular basis.

What does this mean? 

Finextra refers to this as the end of an “eight-year battle to keep abreast of changing consumer trends and technology”. The number of new users is falling as payments become easier, more options are available and Faster Payments can be accessed through online banking. 

Read more here. 

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