Tag: UK Payments Council

UK banks align with mobile payments service

20 UK banks announce their support for the Paym mobile payments service

Several new financial institutions have aligned themselves with Paym, a mobile payments service launched by the UK Payments Council. Paym has been gaining more support within the financial service industry in recent months, with several of the United Kingdom’s largest banks signing up for the service. The service aims to accommodate the growing demand for mobile commerce in the UK and provides consumers with a person-to-person payment option that is mobile-centric in nature.

Bank customers will be able to issue a mobile payment using their mobile number

Clydesdale Bank, Isle of Man Bank, NatWest, the Royal Bank of Scotland, and Yorkshire Bank are among the new organizations that will be supporting Paym. Customers of these banks will be able to use Paym to make mobile payments. The UK Payments Council suggests that Paym is the first service that could potentially link every existing UK bank account to a mobile number.

1.5 million people have registered for Paym since its launch in April of this year

Mobile Payments - UK BanksPaym was launched in April of this year and boasts nearly 1.5 million customers. These people have registered their bank accounts with the service, enabling them to use their mobile number to make payments in an efficient and secure manner. The second phase of Paym’s launch is expected to occur later in the year, with more banks announcing their support for the payments service and promoting Paym to their customers.

Paym expected to clash with Apple Pay when it is launched in November

The United Kingdom has become a very active mobile commerce market, largely due to the high degree of smartphone penetration among consumers. The country’s mobile market is currently crowded with a wide variety of services, but none of these services have yet become mainstream among consumers. Paym aims to provide these consumers with a reliable and secure service that they can use as they see fit. The service is currently competing with various others and is expected to clash with Apple Pay, which is expected to launch at some point in November.

UK mobile payments market leads the world according to new report

A recent study suggests the launch of a new UK payments service has pushed the nation into the top m-payments market spot, worldwide.

After comparing international mobile payments markets, a UK Payments Council research paper claims that the United Kingdom is the m-payments market leader and that the country’s success is related to the P2P Paym service, which was launched this past April by the Payment’s Council.

The report compared the person-to-person (P2P) mobile payment services of several countries.

Aside from the UK, the countries that were studied and compared included the US, Japan, Sweden, India and Kenya. The report compared a variety of aspects, some of which included infrastructure, ownership, the mobile banking experiences of customers, and speed.

UK Mobile Payments StudyAdrian Kamellard, the Payment Council’s chief executive said about the report that “Looking round the world makes it clear that Paym is a world leading service, even when compared with trailblazers such as M-Pesa in Africa. The UK payments industry’s collaborative model of change, which builds upon our existing world class real-time payments infrastructure has delivered real benefits for customers.” Kamellard added that unlike other parts of the world, Paym is a free service for customers “at the point of use.”

He went on to say that mobile technology has altered human behavior around the world and that this has transformed the way that people carry out many of their important daily tasks. He added that it is interesting to observe how technological, cultural and local regulatory differences affect how a new mobile payments solution is applied.

Paym is the only mobile payments service in the world that is industry-wide to use P2P.

In addition to this finding, the Payment’s Council report also claimed it found that the US and Japan are behind Sweden and the UK when it comes to delivering P2P m-payment services. It also said that it is a struggle for India to make its service as universal is it is in Sweden and the UK due to the country’s geographic and demographic disparity. In addition, it noted that Kenya’s M-Pesa mobile payments service has increased the nation’s inclusion and financial capability, which previously had an infrastructure lacking in payments and banking.