​Mobile Payments Service Paym to Shut down in 2023

Mobile payments service Paym is to permanently shutter in 2023 due to changing consumer preferences in payments.

Citing the "rapid evolution" of payments technology which has seen consumers move to newer forms of mobile payment and faster payments through online banking, Pay.UK says Paym will close permanently on 7 March 2023.

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"These changes in consumer preferences build on the foundation created by Paym," the organisation says, which acts as the operator and standards body for the UK's retail interbank payment systems.

Pay.UK and 15 UK banks and building societies made the decision to wind down the service after declining payment volumes and fewer signups over the past three years.

Pay.UK chief payments officer Dougie Belmore says Paym has been an "important service" for almost nine years.

But the emergence of new products and services, "driven by the UK's world-leading payments sector" means it's time for consumers and businesses to switch to faster, better systems, Belmore says.

Pay.UK says the closure of Paym will be worked out with the needs of users "front of mind", working closely with the 15 banks and building societies to minimise disruption and make consumers aware of the changes.

(Source: Fintech Futures)