Not All Fun And Games – Social Organisers Hit By Late Payers

By | Press releases
  • Britons pay nearly £100 a month for football, book clubs and other activities but nearly two thirds (61%) of group organisers are left chasing payments
  • Football is the most popular group activity – Paym announces partnership with Lucozade Powerleague to help teammates split the bill

Selfless team captains and social secretaries are being left out of pocket across the country, with over half of organisers (61%) left chasing late payments according to new research from Paym, the easy way to pay friends and family using a mobile number.

Almost 4 in 10 Britons (39%) take part in some form of club or society, spending a typical £1,182 each per year, with football the most popular activity for men and book clubs having the highest female participation. Yet this thriving social scene is being put a risk due to the headaches faced by the people freely giving up their time to organise things – only one in eight people (13%) say they currently organise a group, compared to one in three (33%) who have done so in the past.

Chasing up payments could be the last straw for these organisers, as they also feel the pressure on their free time (29%) and struggle to meet popular demand from those wanting to join (17%).

Not all fun and games…
Top non-financial headaches for organisers
It takes too much time 29%
Not enough people commit to run the club / society 24%
It was hard to find a time that suited everyone 21%
Suitable (and affordable) venues were hard to find 20%
More people wanted to join than we had space for 17%

Simply forgetting to pay is admitted by one in 10 (10%) people who pay for a group activity, while a further two in 10 (19%) say they regularly have to stump up for someone else that has forgotten to pay their share on time.

Craig Tillotson, Managing Director of Paym, said:

“Millions of people across the country give up their time to organise group activities from football to book clubs, and chasing up payments can be very time consuming. Paym can help as it makes it possible to pay someone using just their mobile number – what could be easier when you need to pay your share of pitch fees for football or into the kitty for the book club?”

With football ranked the most popular group activity in the country, Paym has teamed up with Lucozade Powerleague, the biggest 5-a-side football league in the country to boot out excuses for not paying teammates on time for pitch bookings or post-match pints.

Caspar Nelson, Brand Director, Lucozade Powerleague:

“Nothing beats a bit of five-a-side with your mates – so it’s no surprise it’s the country’s most popular and fastest growing sport. Yet none of it would be possible without the people who organise the games, so we’re delighted to team up with Paym to tackle the tricky wingers that don’t stump up their share of the subs on time – what could be easier than sending your mate money using their mobile number?”

More than 90 per cent of UK current account holders can register for Paym with their bank or building society and receive money straight into their account securely using their mobile number – no sort codes or account numbers needed. Sending money is easy too, customers just use their bank’s usual secure app to select a friend’s mobile number from their contacts and confirm the payment to be sent straight away.

Since Paym launched in April 2014, over 3 million people have registered their mobile number with one of the 17 participating banks and building societies, with almost £75m sent.

The demand for club organisers only looks set to increase next year, as half (51%) of people surveyed tempted to start a new activity, with film and book clubs topping the list, followed by swimming, languages and dance. The key reasons given for joining a club are to meet new people (38%), relax (36%), stimulate the mind (34%), or learn something new (29%).

For organisers looking to set up their 2016 club now, visit paym.co.uk to find out how to make chasing payments a thing of the past.

What is Paym?
  • It’s a simple, secure way to send and receive payments directly to a current account using just a mobile number.
  • Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours.
  • Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place.
  • More than 40 million customers are now able to register for Paym – representing over nine out of 10 current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.
ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:

Paym conducted a national representative survey of 2,002 UK adults from 16th – 20th October 2015 in partnership with independent research agency, Opinium. 8% of male respondents took part in football clubs in 2015, with 4% of female respondents participating in a book club.

About Paym?
  • Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK
  • The Paym service is currently free to use for personal customers of all participating account providers, although any usual banking, internet and mobile data charges that customers already pay will still apply. Pricing is a competitive decision for each participating bank and building society, so it is important to contact them directly or check account terms and conditions for full details.
  • Money is transferred using the same systems already used to transfer account funds, Faster Payments and LINK, so the service benefits from the same high level of legal protection as existing electronic payments, through the Payment Services Regulations.
  • The service has security measures such as password activation, mobile number verification and confirmation requests as standard, and participating banks and building societies have all signed up to a security code of conduct to protect the service from fraudulent activity.
  • Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.
  • Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.
About Lucozade Powerleague
  • Powerleague was acquired by Patron Capital Partners in late 2009.
  • Powerleague is the UK’s largest premier five-a-side football centre operator.
  • Powerleague centres have over 8 million customer visits per annum.
  • Powerleague provides over 500 divisions around the country and over 5,000 league teams
  • Its portfolio of 48 sites includes the 23 pitch Old Trafford Soccerdome, the largest five-a-side football centre in the world.
  • Powerleague provides state-of-the-art facilities ideally suited to corporate hospitality events which can be heavily branded to suit sponsorship partners.
  • Further information on Lucozade Powerleague is available at www.powerleague.co.uk
About Lucozade Powerleague and the Paym competition

Paym is giving one lucky Lucozade Powerleague Twitter or Facebook follower the opportunity to win a pair of Beats by Dr. Dre Headphones. To be in with a chance winning followers simply have to follow @powerleagueUK and retweet the competition post. Follow @powerleagueUK to find out more. Terms and Conditions Apply.

Weekday use leads growth in mobile payments

By | Press releases
  • Second Paym statistical update reveals more than 1.25m payments worth £70 million have been processed since launch
  • Petrol money, bills and IOUs are now more popular reasons to use the service, with more payments happening on weekdays

Weekday money management is the fastest growing use of mobile payments according to new figures released today (Wednesday 12 August 2015) by Paym, the easy way to send money using just a mobile number.

Statistics covering the first half of 2015 reveal that weekdays accounted for almost three quarters (73.7%) of Paym payments. This is a marked increase from the previous six months, when weekdays only accounted for just over two out of three payments (68.6%).

More than three quarters of a million payments (774,628) were sent in the first half of 2015 – an increase of 80% compared to the previous six months. In total, more than 1.25m payments worth £70 million have now been sent since the service launched in April 2014.

The new analysis from Paym finds that people are increasingly using the service to pay back immediate family for money owed for petrol (25%), bills (22%) and household costs (19%) – an interesting change from January 2015 when mobile-to-mobile payments were mainly being used to settle up for socialising.

Top five reasons for using Paym
January 2015 August 2015
Lunch or dinner (20%) Petrol money (25%)
A small meal e.g. sandwich (19%) Helping with bills (22%)
Cinema, theatre or concert tickets (16%) Paying back an IOU (22%)
Petrol money (15%) Household costs (19%)
Group or joint presents (15%) Lunch or dinner (19%)

As of the end of June 2015, 2.6million people have registered for Paym with one of the 17 participating banks and building societies, which cover more than nine out of ten current accounts. There has also been a slight shift in the age of people who are registered – 35-64 year olds now account for 39% of registrations, up from 35% in January 2015.

Craig Tillotson, Managing Director of Paym, said:

“Paym continues to grow and it’s interesting to see we’re using it more for weekday money management as well as Saturday’s socialising.

“We believe the sheer simplicity of using someone’s mobile number to pay them back means Paym will go from strength to strength. After all – whether it’s a friend or a family member – we already know their mobile number, so it’s easy to settle up with no sort code, no account number and no cash.”

What is Paym?
  • It’s a simple, secure way to send and receive payments directly to a current account using just a mobile number.
  • Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours.
  • Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place.
  • More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.

To find out more about Paym, visit paym.co.uk.

ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. 2,614,958 mobile numbers were registered on the Paym database, as of 30th June 2015.
  2. Total value of payments initiated through Paym from April 2014 – May 2015= £70,002,967.

TNS online survey conducted amongst 2,492 UK adults aged 16+ between 9th and 15th June 2015.

The August 2015 issue of the Paym statistical update is available on request and can be downloaded from www.paym.co.uk/press-releases from Wednesday 12 August.

About Paym
  • Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK
  • The Paym service is currently free to use for personal customers of all participating account providers, although any usual banking, internet and mobile data charges that customers already pay will still apply. Pricing is a competitive decision for each participating bank and building society, so it is important to contact them directly or check account terms and conditions for full details.
  • Money is transferred using the same systems already used to transfer account funds, Faster Payments and LINK, so the service benefits from the same high level of legal protection as existing electronic payments, through the Payment Services Regulations.
  • The service has security measures such as password activation, mobile number verification and confirmation requests as standard, and participating banks and building societies have all signed up to a security code of conduct to protect the service from fraudulent activity.
  • Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.
  • Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.

Dash for cash leaves self-employed workers chasing £200 a month in late payments

By | Press releases
  • 44% of customers have had to dash to a cash machine to get money to pay
  • Sole traders chase an average of £208 at the end of the month, with 30% of them saying they stopped supplying a customer due to consistent late payment
  • Customers with no cash on them can now pay small businesses using just the small business’ mobile number

The self-employed workers who keep Britain’s houses clean, tidy and well-maintained are among those owed £208 in an average month by customers who don’t have cash in hand to settle bills.

This means that the UK’s sole traders – including many cleaners, decorators and gardeners – are chasing nearly a fifth (18%) of their earned cash income each month, significantly impacting their cash flow and forcing them to spend time recovering debts. The figure rises to £1,846 for other small businesses with between one and nine employees.

Despite having the best intentions (86% of us agree that paying small businesses on time is important and 57% would prefer to pay by cash) 28% of us regularly have to dust off cheque books, make a dash to the cash machine (44%) or simply pay late (17%).

But the dash of shame to the cash machine to get money to pay Britain’s one man bands – or the red-faced “I’ll have to pay you next time” – could soon be a thing of the past. Paym, the easy way to pay small bills, friends and family using just a mobile number, is available to more than 90 per cent of UK current account holders – and tradespeople can get paid straight to the number on their business card.

Craig Tillotson, Managing Director of Paym said:

“Window cleaners, gardeners and decorators are facing challenges from well-meaning customers who often don’t have the cash on them to pay there and then. Paym is an easy alternative to accepting debit and credit cards which we know many of these types of business resist because they find them expensive1 or inconvenient2. It will be a massive help with time-poor customers.

“We know that many small businesses rely on their mobile to run their business – and Paym makes it possible to use that vital phone number to easily accept payments. We’re urging businesses and self-employed people to sign up today and to spread the word amongst their customers – it should help both parties avoid awkward situations or inconvenient trips to the bank.”

Paym in action – case study
  • Tim Sutton is a sports therapist who offers massage and treatments that cost roughly around £30 per session. He currently has 1,500 customers on his database, treating around 30 people a week. The summer period is a busy time for Tim as more people venture outside for sporting activities.
  • He has been using Paym for nearly a year, originally for personal use but has now introduced it to his business. As a small business Tim used to only accept cash or cheques, not wanting to invest in and carry around a card machine.
  • Tim is a huge fan of Paym, he says: “‘Paym is perfect for my business and customers. Not only does it save me multiple trips to the bank, there’s no need to carry around handfuls of cash. It is quick and easy to use and my clients now only need to know my phone number.”
  • Payments are made through Faster Payments or LINK at the same speeds as existing current account, online, and mobile payments – most payments arrive in seconds.

The research from Paym also looked at how we as a nation rely on self-employed people such as our window cleaners and electricians, and how much we pay them for their services:

Top 10 types of sole traders used in the last year and how much we pay them in cash
Sole trader employed % of population who have used in last year Mean average of £ cash spent in last year
Window cleaner 28% £72
Plumber 20% £154
Heating engineer / gas fitter 19% £175
Car washer 18% £49
Electrician 15% £141
Home improvement / builder 13% £354
Mobile hair dresser 11% £99
Gardener / landscaper 10% £185
Beautician 10% £122
Odd job person 9% £122
What is Paym?
  • Paym is available on more than nine out of ten current accounts – more than 40 million customers of 17 banks and building societies can register for Paym.
  • Paym is an easy, secure way to send and receive payments to a current account using just a mobile number.
  • Paym means there is no need to ask for other people’s sort code or account number, or tell them yours.
  • Anyone using Paym to send money can check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place.
Other key findings from the research:
  • Young people (18 to 34-year-olds) are the most likely to make the dash for cash; more than half (56%) have done it in the last year, compared to just one in three (33%) of those aged over 55.
  • One in six (17%) have paid a small business late because they didn’t have cash on them – which rises to 26% of those aged 18 to 34.
  • 23% of sole traders have given up chasing a payment and 30% of sole traders have stopped supplying a customer due to consistent late payment.
ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. 35% for debit cards, 39% for credit cards
  2. 48% for both debit and credit cards
About the research:

Opinium polled a nationally representative sample of 2,004 UK adults aged 18+ between 29 May and 3 June 2015 and 607 SME senior decision makers, excluding retailers, including 203 sole traders and 204 businesses with one to nine employees between 29 May and 7 June 2015.

More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.

Customers register their mobile number directly with their participating bank or building society, and decide which current account they want to receive payments to. Further information, and details of how the service works are available on paym.co.uk

Mobile payment adopters driving ‘sharing economy’ trends

By | Press releases
  • Paym celebrates its first anniversary; nearly £44m sent in the last 12 months
  • Mobile payment adopters four times more likely to be happy sharing money with friends and family
  • Nationwide Building Society set to join service in May

People who use mobile banking are four times more likely to be happy sharing money with friends and family, according to new research from Paym, the easy way to pay using just a mobile number.

Marking the first anniversary of its launch on 29th April 2014, Paym has already processed nearly £44 million of payments. Paym is available through 16 banks and building societies covering more than 90% of UK current accounts, with 2.25 million customers’ mobile numbers now registered to receive payments through the service. The Paym service is growing further still – Nationwide Building Society will join in May.

Attitudes to sharing money with friends and family are shifting. At launch, Paym revealed reluctance among UK consumers to self-identify as a borrower of money from others, with only one in eight (12%) people willing to do so. This figure has increased 33% in the last year, with one in six (16%) now happy to say they use IOUs with friends and family as an easy way to share costs.

The most recent survey also revealed that users of mobile payment services are far more open to sharing money with others – 58% are happy to, compared with 15% of all adults.

Paym users Overall
Agree that sharing money is a sign of true friendship 83% 53%
Think it’s nice to be able to share money with people and don’t mind doing it 81% 37%
Share money without feeling need to agree payback date 69% 42%
Happy to share money with friends and family 58% 15%
Would ask to share cost for group activity and payback later 58% 15%
Overall, try to avoid lending money to other people 19% 63%

The growth of Paym and increased willingness to share money with friends and family comes against the backdrop of the rise of the sharing economy. Internet-based companies enabling services such as car sharing, house rental and even pet sharing are starting to take off – a report for innovation charity Nesta1 found 25 per cent of UK adults used internet technologies to share assets/resources over the last year.

Craig Tillotson, Managing Director of Paym said:

“Advances in technology are making sharing easier than ever – Paym means you can pay back friends and family using just their mobile number.

“We’re using our mobiles more than ever – and not just for phone calls. When you add this trend to the wider growth in the sharing economy, mobile payments look set to be a real growth area over coming years.”

The most up-to-date analysis (29 April 2014 to 30 March 2015) of Paym statistics show:

  • 2.25million registered users
  • Nearly £44million transferred
  • Average Paym transaction value is £55
  • Friday and Saturday are the most popular days for payments.

Paym found 18 to 24-year-olds are most likely to borrow and lend money among friends and family as a regular part of managing their money. They transfer money every few weeks for drinks (51%), food (40%) or transport costs (31%). Over half (51%) of workers and colleagues collate IOUs purchasing coffees and lunch for each other.

There is an agreed etiquette about sharing money, with £100 deemed the largest amount most people feel comfortable sharing. Three quarters (74%) say that the reason for borrowing money should always be explained and they also have the right to turn down a request for money if they do not approve of what it is for (77%).

ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. Nesta: Making Sense of the UK Collaborative Economy (September 2014) http://www.nesta.org.uk/publications/making-sense-uk-collaborative-economy

More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander, TSB and Yorkshire Bank are able to send and receive Paym payments.

Customers register their mobile number directly with their participating bank or building society, and decide which current account they want to receive payments to. Further information, and details of how the service works are available on paym.co.uk

Isle of Man Bank, NatWest, RBS and Ulster Bank customers are able to receive Paym payments with the ability to send payments coming for these customers from the middle of 2015. Nationwide Building Society is joining in May 2015.

What is Paym?
  • Paym is an easy, secure way to send and receive payments to a current account using just a mobile number
  • Paym means there is no need to ask for other people’s sort code or account number, or tell them yours
  • Anyone using Paym to send money can check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place
  • Paym is offered to customers by participating UK banks & building societies
  • Payments are made through Faster Payments or LINK at the same speeds as existing current account, online, and mobile payments

£26m Already Transferred Via Paym in 2014

By | Press releases
  • Nearly two million people now registered to receive payments through Paym
  • 85% of people who have used Paym would recommend it
  • Almost half of all Paym payments are sent on Friday, Saturday or Sunday

More than £26million(1) has been sent using Paym, the simple and secure way to pay using just a mobile number, since its launch on 29th April 2014.

The research found that 85% of people who have used Paym would recommend it to others, and the benefits of being able to pay friends and family securely on a mobile phone are widely acknowledged amongst consumers. Nearly two million people(2) have now registered with their participating bank or building society to receive payments into their bank account using just their mobile number.

The figures are revealed in the first Paym statistical update, which includes a survey of consumer attitudes to mobile payments. Two thirds (66%) of the UK population are aware of mobile payments, with more than half (52%) of those with knowledge of mobile payments aware of Paym.

Use of Paym peaks over the weekend. A snapshot of data from November 2014 reveals Friday, Saturday and Sunday account for 49% of Paym payments, with the three hours between 6-9pm being the most popular time for using the service.

So far, Paym is most commonly used to pay back a close friend (21%), followed by a partner (19%), parents (19%), or child (13%). The consumer attitudes survey also found that the top five reasons for using Paym are:

  1. Paying someone back for lunch, dinner or a sandwich (30%)
  2. Paying someone back for a cinema or concert ticket (16%)
  3. Paying someone for petrol money (15%)
  4. Contributing for group presents (15%)
  5. Paying for a club membership (15%).

Consumers identified the benefits of mobile payments as:

  • Not having to give account details out to others (28%)
  • Not having to carry cash around (24%)
  • Easier to use a mobile number rather than a bank account and sort code (24%)
  • Fewer trips to the cash machine (24%)
  • Easier to receive payments overall (22%).

Craig Tillotson, Managing Director of Paym, said:

“More people are using Paym every day – nine out of ten current account holders can now register to receive payments using just their mobile number. ‘It’s still early days for the service, but people seem to find Paym most useful at the weekend – almost half of payments are made between Friday and Sunday. Paym means securely settling up with friends and family for weekend fun has never been easier – no sort codes, no account numbers and no cash needed.”

What is Paym?
  • It’s a simple, secure way to send and receive payments directly to a current account using just a mobile number
  • Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours
  • Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place
  • More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander, TSB and Yorkshire Bank are able to send and receive Paym payments
  • Isle of Man Bank, NatWest, RBS and Ulster Bank customers are able to receive Paym payments with the ability to send payments coming for these customers from the middle of 2015. Metro Bank, Nationwide Building Society and Tesco Bank also planning to join the service.

To find out more about Paym, visit paym.co.uk.

ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. Total value of payments initiated through Paym in 2014 = £26,016,151.70.
  2. 1,851,612 mobile numbers were registered on the Paym database, as of 31st December 2014.

TNS online survey conducted amongst 2,499 GB adults aged 16+ between 18th December 2014 and 8th January 2015.

The January 2015 issue of the Paym statistical update is available on request and can be downloaded from paym.co.uk from Saturday 31st January.

About Paym
  • Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK
  • The Paym service is currently free to use for personal customers of all participating account providers, although any usual banking, internet and mobile data charges that customers already pay will still apply. Pricing is a competitive decision for each participating bank and building society, so it is important to contact them directly or check account terms and conditions for full details.
  • Money is transferred using the same systems already used to transfer account funds, Faster Payments and LINK, so the service benefits from the same high level of legal protection as existing electronic payments, through the Payment Services Regulations.
  • The service has security measures such as password activation, mobile number verification and confirmation requests as standard, and participating banks and building societies have all signed up to a security code of conduct to protect the service from fraudulent activity.
  • Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.
  • Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.