Paym mobile payments service closes today
London, 7 March 2023: Pay.UK is announcing that Paym, the mobile payments service, is closing permanently to customers today.
A collective decision to close the service was made in September 2022 by Pay.UK and the fifteen UK banks and building societies who operated Paym. That decision was made in response to falling numbers of transactions and the lack of customers signing up to become new users.
Pay.UK’s original closure announcement identified the rapid evolution in payments technology and services since Paym’s launch in 2014, and the corresponding shift by UK consumers towards newer forms of mobile payment and access to Faster Payments through digital banking.
Pay.UK has been pleased to work with the banks and building societies who operated Paym to help coordinate the closure activities. Those organisations have sought to engage proactively with their customers ahead of the termination date to keep them informed and redirect them to other forms of payment as the closure approached to minimise potential disruption for them.