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(Pronounced Pay Em).
A former UK system for making and receiving payments securely using the mobile phone number of the recipient.
Launched by the former Payments Council in 2014 and closed in 2023.
- Paym closes in 2023
- "Paym, the mobile payments service, will close permanently to customers on 7 March 2023.
- [The] decision reflects the rapid evolution in payments technology and services since Paym’s launch in 2014. Payment volumes through Paym have diminished over the past three years as fewer people sign up to use the service.
- There is a shift by UK consumers towards newer forms of mobile payment and access to Faster Payments through online banking. These changes in consumer preferences build on the foundation created by Paym to offer ever faster and better ways to move money and support everyday lives."
- Pay.UK - press release - September 2022.