Paym: (formally) the UK's mobile payment system
Issue 410 | 8 November 2022
Paym: (formally) the UK's mobile payment system
Pay.UK have announced that Paym is to permanently close in March 2023.
Low use and new technology seem to have driven the decision but why, in an age of obsessive mobile phone use, did the UK's mobile payment service fail to take off?
What happens to current users and what lessons can the UK's payment industry learn from this?
Listen to Enryo’s David Fagleman, David Hensley and John Maynard the former Head of Development at Paym as they unpack “Why did Paym fail?”
Listen: “Why did Paym fail?”
Paym enters the Payments Museum of Curiosity
As Paym is consigned to the Payments Museum of Curiosity here’s a quick resume of the service for the history books1.
“Pay ‘em”, “Pay Them”
Paym was a mobile payment system operated by Pay.UK and offered by the majority of the UK’s banks and building societies. Recipients were identified by their mobile phone number rather than their bank sort code and account number.
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