Paym works by connecting a customer’s mobile phone number to their current account, meaning they don’t need to provide people with their account number and sort code to receive a payment.
This new service is the latest to make mobile payments faster and easier for RBS and NatWest customers. Paym sits alongside the banks’ existing ‘Pay Your Contacts’ service, which is available for users of RBS and NatWest’s mobile banking apps to send and receive payments
RBS and NatWest customers will also be able to send payments via Paym from the middle of 2015.
Chris Popple, Managing Director, Digital at RBS and NatWest, said: “There’s been a revolution in banking as more and more of our customers are using digital technology. Customers expect to make a payment at any time of day, at a time and place that is convenient for them.
“We want to be the best bank for customer trust, service and advocacy. One of the ways we intend to do this is by offering our customers the ability to receive payments via Paym, which, alongside our own existing payments facility ‘Pay Your Contacts’, gives our customers another way to receive payments.
“In 2013, we were one of the first banks to launch a mobile payments service. We will launch the ability for our customers to send payments via Paym by the middle of next year as part of the delivery of an extensive programme of updates to ensure we give customers the very best digital service.”
What is Paym?
- Paym is a central mobile payments service, managed by the Payments Council.
- It’s an easy, secure way to send and receive payments directly to another current account, using just a mobile phone number.
- Paym means there is no need to ask for other people’s sort code and account number, or tell them yours.
- Paym allows sending customers to verify the name of the recipient before confirming the payment, so they can check they’re sending money to the right person. Once registered, customers can receive payments from customers at any participating bank, building society or payment provider. Payments are processed using either Faster Payments, the service that processes most internet and phone banking payments, or LINK, the system behind the cash machine network. The vast majority of payments reach the recipient almost instantly, but they may take up to two hours.
How can customers register for Paym?
To register to receive money via Paym, customers should
- Make sure they have the latest version of the RBS or NatWest mobile app
- Go to the main menu within the mobile app
- Select ‘Paym’ and follow the steps
How does this differ from Pay Your Contacts?
- Pay Your Contacts is an existing function available on a RBS, NatWest, Ulster Bank or Isle of Man Bank app which allows customers to send and receive money to anyone with a UK mobile number and our app or a valid UK Visa debit, credit or prepaid card.
- Payees who are not users of these apps receive an SMS telling them the money is waiting. Once they’ve followed the link in the message, entered their Visa card number and the amount they’re expecting, the money will be transferred to their account.
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For more information contact:
Sarah Binnie RBS and NatWest Press Office: 0131 626 6964
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