Tag: Paym

Promising new mobile commerce service officially launched in the UK

| May 5, 2014

Paym has been officially launched this week

One of the United Kingdom’s most anticipated mobile commerce applications has been officially released this week. The Paym platform has reached more than 360,000 registered users as of Tuesday morning, making it one of the most quickly adopted mobile payment services in the country. One of the reasons behind Paym’s early popularity has to do with the fact that it is backed by some of the country’s largest financial institutions, all of whom have serious interests in mobile commerce.

The UK has become a very attractive mobile market

The United Kingdom has become a very active market for everything mobile. Consumers throughout the country are becoming more mobile-centric, opting to use their smartphones and tablets for a wide variety of activities. As such, commerce has begun to evolve in the United Kingdom, with retailers and other businesses adapting to the changing times and working to engage mobile consumers more effectively. The country’s financial institutions are particularly interested in the mobile space because of emerging trends in consumer behavior.

Paym has the backing of many of the country’s largest banks

Mobile Commerce Service UK Paym is backed by Lloyd’s, Barclays, HSBC, and several other large banks that have an interest in the mobile space. The service allows consumers to make payments from their bank accounts using nothing more than a phone number. Paym won early praise before its launch because of its efficient nature and security features. The platform has managed to acquire a significant level of momentum ahead of its launch and this momentum may help Paym find success among consumers interested in mobile commerce.

Paym expected to process more than $1 billion in payments by 2018

According to the Payments Council, which was responsible for the launch of Paym, the new platform is expected to process more than $1 billion in mobile payments by the end of 2018. The platform is expected to see more use as more bank customers become aware of its existence. The banks supporting Paym will continue promoting the service to their customers in the hopes of making the platform the premier mobile commerce service in the United Kingdom.

Payments Council prepares to step into the mobile commerce arena

| March 13, 2014

Organization set to launch a new mobile service in the UK

The Payments Council, an organization comprised of financial institutions based in the United Kingdom, is set to launch a new mobile commerce service named Paym. The service is meant to provide consumers with a more secure way to make mobile payments. Security remains one of the most outstanding and problematic issues that faces the mobile space. Because mobile commerce has become so popular among consumers, it has also become a popular target for malicious groups that seek to exploit financial information.

Paym aims to make money transfers quick and easy

Paym has the backing of several prominent financial institutions due to their association with the Payments Council. The service is designed to allow consumers to send money directly to a bank account as quickly as other forms of money transfer would work. The Payment Council notes that the service is linked to an overarching initiative in the United Kingdom that involves associated all bank accounts with a mobile device. Money transfers through Paym can be done through the use of a mobile number.

Collaboration may help companies avoid unnecessary competition in the mobile space

UK Mobile Commerce - Mobile PaymentsCompetition in the mobile commerce sector is quite fierce, if somewhat in overabundance. Many startups are fighting one another to win the attention and support of consumers while large companies are doing the same. The Payments Council believes that collaboration in necessary in order for mobile payments to become mainstream. These collaborations could allow organizations to sidestep much of the competition that exists in the mobile space, but whether these collaborations can produce services that consumers are interested in has yet to be seen.

Paym may be able to lay some security concerns to rest

Paym is expected to be made available later this year. The service is currently undergoing a final stage of testing before it is officially released. Concerns regarding security remain high, however, but with the regulations that banks must adhere to, these concerns could be dispelled once the service is launched. Banks have long focused on financial security and are typically required to meet the security standards of whatever country they are operating in.