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Alternative Payment Solution: Paym

Restricted to one authorized user; Open on 1 PC/ mobile / Tablet only.
Print Option: No
Copy Option: No
Download Option: No
Deliverable Format : PDF viewable on the website via username

Single User License
AED 1285

Restricted to one authorized user; Open on 1 PC/ mobile / Tablet only.
Print Option: No
Copy Option: No
Download Option: No
Deliverable Format : PDF viewable on the website via username

Site License
AED 2569

Multiple Users within the Company/ Enterprise
Print Option: Yes
Copy Option: Yes
Download Option: Yes
Deliverable Format : Excel, PDF viewable on the website via username

Corporate User License
AED 3854

Details

Alternative Payment Solution: Paym

Summary

Paym is a UK-based mobile payment solution, launched in April 2014. The Payments Council was initially responsible for supporting the launch of Paym, which is now run by Mobile Payments Service Company. The solution allows users to make peer-to-peer (P2P) transfers in real-time on their smartphones. Paym allows money to be transferred simply by selecting the recipient from the mobile's address book. To transfer money through Paym, both sender and recipient need to first register their mobile phone number with their respective banks or building societies in order to link the number with their current accounts. Users can then transfer funds simply using a mobile phone number instead of sharing current account details.

The solution is offered by banks and building societies as an additional service on their mobile banking apps. A maximum of GBP 250 per day can be transferred in a day, though some banks offer higher limits. The speed and security of money transfers using Paym are the same as for online bank transfers, as Paym uses the Faster Payments infrastructure.

The solution is now supported by 17 banks and building societies, including Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, First Direct, Halifax, HSBC, Lloyds Bank, Santander, TSB, Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank, Yorkshire Bank, and Nationwide Building Society.

In addition to P2P transfers, Paym can be used for consumer-to-business (C2B) payments if the business account is registered with Barclays, HSBC, Santander, Yorkshire Bank, or Clydesdale Bank. There is no daily limit for receiving payments. Each business account may have more than one registered phone number, depending on the bank's policy.

The report provides information and insights into alternative payment solution Paym, including-

Detailed insight into its business

Comprehensive coverage of its products and services

Comparative assessment with key alternative payment solutions

Information on its performance, including its users' profile

The company's important events and milestones

Scope

Launched in April 2014, Paym enables fund transfers between bank customers using mobile phones.

As of July 2017, Paym has 3.9 million registered users of which 3.3 million are active.

Since launch, Paym has processed transactions worth GBP 300m.

As of July 2017, Paym is supported by 17 banks and societies.

Reasons to buy

Gain insights into Paym's business operations, and key events.

Gain insights into its product portfolio and working model.

Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

READ MORE

Table Of Content

Scope

Table of Contents

Overview

Historic Milestones

Benchmarking

Performance Highlights

Products and Services

How Does Paym Work?

Paym User Profile

Consumer Analysis

Attitude of Paym Users Towards Lending Money

Benefits of Using Paym

Significant Events

Partner Banks and Societies

Appendix

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

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Products and Companies

Products

Paym, Alternative payments, P2P transfers, Money transfers, C2B transfers


Companies

Jiffy Swish Bank of Scotland Barclays Cumberland Building Society Danske Bank First Direct Halifax HSBC Lloyds Bank Santander TSB Clydesdale Bank Isle of Man Bank NatWest Royal Bank of Scotland Ulster Bank Yorkshire Bank Nationwide Building Society First Direct

Company Profile

Company Profile Title

Alternative Payment Solution: Paym

Summary

Paym is a UK-based mobile payment solution, launched in April 2014. The Payments Council was initially responsible for supporting the launch of Paym, which is now run by Mobile Payments Service Company. The solution allows users to make peer-to-peer (P2P) transfers in real-time on their smartphones. Paym allows money to be transferred simply by selecting the recipient from the mobile's address book. To transfer money through Paym, both sender and recipient need to first register their mobile phone number with their respective banks or building societies in order to link the number with their current accounts. Users can then transfer funds simply using a mobile phone number instead of sharing current account details.

The solution is offered by banks and building societies as an additional service on their mobile banking apps. A maximum of GBP 250 per day can be transferred in a day, though some banks offer higher limits. The speed and security of money transfers using Paym are the same as for online bank transfers, as Paym uses the Faster Payments infrastructure.

The solution is now supported by 17 banks and building societies, including Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, First Direct, Halifax, HSBC, Lloyds Bank, Santander, TSB, Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank, Yorkshire Bank, and Nationwide Building Society.

In addition to P2P transfers, Paym can be used for consumer-to-business (C2B) payments if the business account is registered with Barclays, HSBC, Santander, Yorkshire Bank, or Clydesdale Bank. There is no daily limit for receiving payments. Each business account may have more than one registered phone number, depending on the bank's policy.

The report provides information and insights into alternative payment solution Paym, including-

Detailed insight into its business

Comprehensive coverage of its products and services

Comparative assessment with key alternative payment solutions

Information on its performance, including its users' profile

The company's important events and milestones

Scope

Launched in April 2014, Paym enables fund transfers between bank customers using mobile phones.

As of July 2017, Paym has 3.9 million registered users of which 3.3 million are active.

Since launch, Paym has processed transactions worth GBP 300m.

As of July 2017, Paym is supported by 17 banks and societies.

Reasons to buy

Gain insights into Paym's business operations, and key events.

Gain insights into its product portfolio and working model.

Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

READ MORE

Scope

Table of Contents

Overview

Historic Milestones

Benchmarking

Performance Highlights

Products and Services

How Does Paym Work?

Paym User Profile

Consumer Analysis

Attitude of Paym Users Towards Lending Money

Benefits of Using Paym

Significant Events

Partner Banks and Societies

Appendix

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS

Products

Paym, Alternative payments, P2P transfers, Money transfers, C2B transfers


Companies

Jiffy Swish Bank of Scotland Barclays Cumberland Building Society Danske Bank First Direct Halifax HSBC Lloyds Bank Santander TSB Clydesdale Bank Isle of Man Bank NatWest Royal Bank of Scotland Ulster Bank Yorkshire Bank Nationwide Building Society First Direct