Overend welcomes introduction of Paym service of payment

Ulster Unionist Mid-Ulster MLA Sandra Overend has welcomed the introduction of the Paym mobile payment service, which aims to make small payments between individuals and small businesses quicker and easier by using mobile phones to transfer funds.

Mrs Overend said,

“I was very interested to see the launch by the Payments Council of a new mobile payments service, Paym, which will enable banking customers to make fast and secure payments using just a mobile phone number. Many of the UK’s current account providers have already signed up and by the end of 2014 this service will be available to over 90 per cent of current accounts in the country.

“Traditionally, electronic payments can only be made using a sort code and account number. Under Paym your current account can be linked to your mobile number, making it easy to send and receive payments via your mobile phone.

“While not everyone will necessarily want to use this method of payment, it nevertheless represents another option for consumers. Anything which offers greater flexibility and choice for banking customers, while at the same time as providing a timely boost to small businesses, is to be welcomed. I hope that many local residents and small businesses can benefit from this innovative new service.

“Further details can be found via the following link www.paym.co.uk .”

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