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02/04/2014
Consumers To Pay Via Mobile Number
Settling IOUs with friends and family is set to become easier from Tuesday 29th April thanks to Paym, the new secure way to pay using just a mobile number.
As well as confirming the launch date, the Payments Council which is leading the delivery of the new service, confirmed that from today customers of participating banks and building societies can start to register their mobile number to receive payments through Paym as soon as the service is live.
UK consumers tot up an average of £255.81 each year in IOUs and other informal loans to each other, reaching a total value of £12.6 billion, according to IOU UK, new research commissioned to launch Paym. These IOUs cover both everyday expenses, such as lunch with friends, and larger costs, such as putting money towards household bills. Combined, these IOUs would have been more than enough to pay for the London Olympic Games.
Adrian Kamellard, Chief Executive of the Payments Council said: "Our IOU research suggests that every adult in the UK is lending just under £5 per week to someone they know. Small sums like this soon add up so it’s great that Paym will give people a new option of quickly and securely paying someone back – whether it’s for lunch, a train ticket or just a cup of tea."
From 2nd April, registration is being rolled out for customers of Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander and TSB. Customers of Danske Bank can register from 25th April.
(CVS/CD)
As well as confirming the launch date, the Payments Council which is leading the delivery of the new service, confirmed that from today customers of participating banks and building societies can start to register their mobile number to receive payments through Paym as soon as the service is live.
UK consumers tot up an average of £255.81 each year in IOUs and other informal loans to each other, reaching a total value of £12.6 billion, according to IOU UK, new research commissioned to launch Paym. These IOUs cover both everyday expenses, such as lunch with friends, and larger costs, such as putting money towards household bills. Combined, these IOUs would have been more than enough to pay for the London Olympic Games.
Adrian Kamellard, Chief Executive of the Payments Council said: "Our IOU research suggests that every adult in the UK is lending just under £5 per week to someone they know. Small sums like this soon add up so it’s great that Paym will give people a new option of quickly and securely paying someone back – whether it’s for lunch, a train ticket or just a cup of tea."
From 2nd April, registration is being rolled out for customers of Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander and TSB. Customers of Danske Bank can register from 25th April.
(CVS/CD)
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