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Alternative Payment Solution: Paym

Alternative Payment Solution: Paym

  • February 2018
  • 18 pages
  • ID: 4182519
  • Format: PDF

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Alternative Payment Solution: Paym

Summary
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 -
- Detailed insight into its business and geographical presence
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company’s important events and milestones

Scope
- In April 2014, Paym was launched in the UK.
- Paym is supported by 15 banks and building societies.
- Paym can be used for business payments if the business account is registered with Barclays, HSBC, or Santander.
- In April 2017, Paym partnered with a UK-based provider of air conditioning and heating products, Ambientair.

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

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