Pay.uk and 15 UK banks and building societies have announced 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, with the collective stating that payment volumes through Paym have diminished over the past three years as fewer people sign up to use the service.
The closure process will be carried out with the needs of Paym users front of mind. Pay.UK has said it will continue to work closely with the banks and building societies to support them in this work.
“Paym has been an important service for nearly nine years,” said Dougie Belmore, chief payments officer of Pay.UK. “But the emergence of new products and services, driven by the UK’s world-leading payments sector, means it is time to make the move to faster, and better systems for consumers and businesses.”
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