Paym mobile payments service to close in 2023
London, 29 September 2022: Pay.UK and fifteen of the UK’s banks and building societies today announce their decision that Paym, the mobile payments service, will close permanently to customers on 7 March 2023.
The collective 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.
The closure process will be carried out with the needs of Paym users front of mind. Pay.UK will continue to work closely with the banks and building societies to support them in this work.
To minimise disruption banks and building societies will engage with their customers ahead of their closure date to make them aware of the changes and what it means for them.
Dougie Belmore, Chief Payments Officer of Pay.UK, said: