More banks back Paym pay-by-text service

Using a mobile phone to text money to others is becoming increasingly popular as more banks adopt Paym, the facility introduced by the Payments Council in April as a universal way for mobile users to send payments to others.


New kids on the block

The Paym service slots into the existing mobile banking apps of participating banks and building societies. It makes it possible to send and receive money using just a mobile number, which is registered to the sender or receiver’s banking app.

At the time of launch, there were eight banks signed up to Paym, but six more banks have now joined. It takes the full list to (we’ve listed the new ones in bold):

  • Bank of Scotland
  • Barclays
  • Cumberland Building Society
  • Halifax
  • HSBC
  • Lloyds Bank
  • Santander
  • TSB
  • Clydesdale Bank
  • Isle of Man Bank
  • NatWest
  • Royal Bank of Scotland
  • Ulster Bank 
  • Yorkshire Bank

The Payments Council says 1.45million customers have registered for Paym with their bank or building society. Tesco Bank, Nationwide Building Society, Metro Bank and Ipagoo also plan to join in 2015.

Easy and Secure

Jemma Smith, director of communications and education at the Payments Council, said: “The service has the potential to link up every bank account in the country with a mobile number – it’s a great example of industry-wide collaboration that delivers an easy to use, secure new way to pay for customers.” 

How to use Paym

To receive money through Paym, register your mobile number with your participating bank, building society or payment provider and nominate which account to link it to.

Your friends can then pay directly into your account using just your mobile number – no sort codes or account numbers. You don’t need a smartphone to receive payments and you still receive the money if your phone is off or out of coverage.

You use your provider’s existing mobile banking or payments app to send money, meaning you get the same security protection and speed of payment you’re used to. Just use the app to select a mobile number from your contacts or type it in manually.

Every time you send a payment, Paym lets you verify the name of the recipient before confirming the payment, so you can check you’re sending money to the right person.

You can send payments to anyone else who has registered for Paym, even if their account is with a different participating bank, building society or payment provider.

You can send up to £250 a day through Paym, although some of the participating organisations offer a higher daily limit.

Visit to find out how to register or go to your bank, building society or payment provider’s website for more information.

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