MAGAZINE: New mobile payment system Paym launches today (April 29)

Paying back IOUs to friends and family just got easier, following the launch today (April 29) of Paym, the new secure way to pay using just a mobile number across nine banks and building societies.

Paym is now available to more than 30 million people across the UK - customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB are able to send and receive Paym payments.

New mobile payment system Paym

New mobile payment system Paym

The service will expand further later in the year, becoming available on more than nine out ten current accounts, covering in excess of 40 million customers.

Research carried out to mark the launch of Paym found that almost two thirds of people (62%) agree that being able to borrow money is a sign of true friendship.

Younger consumers are the most relaxed about lending and borrowing with 37% of 18 to 24-year-olds happy to lend because they like treating people to things and 74% are happy to be able to help. But they also have an expectation in return with 46% lending because it means they can ask for the favour to be returned at some point.

IOUs from parents to children ‘the bank of mum and dad’ amount to £3.7billion each year but money going the other way ‘the bank for mum and dad’ is also significant, amounting to £1.6billion each year.

Adrian Kamellard, Chief Executive of the Payments Council said: “Paying someone back just got easier for millions of people. Paym is another safe and easy option to pay friends and family – after all, you probably already know all your friends and family’s mobile numbers, so why not use them if you need to send them some money?”

Research carried out to mark the launch of Paym found that almost two thirds of people (62%) agree that being able to borrow money is a sign of true friendship.

Younger consumers are the most relaxed about lending and borrowing with 37% of 18 to 24-year-olds happy to lend because they like treating people to things and 74% are happy to be able to help. But they also have an expectation in return with 46% lending because it means they can ask for the favour to be returned at some point.

IOUs from parents to children ‘the bank of mum and dad’ amount to £3.7billion each year but money going the other way ‘the bank for mum and dad’ is also significant, amounting to £1.6billion each year.

Paul Flatters, Chief Executive of Trajectory Partnership a consumer trends forecasting consultancy, that conducted the research, said: “The flow of money down the generations as parents help out their children is well understood, but our research reveals that family IOUs cut both ways.”

To find out more about how to register for Paym, and to calculate how your IOUs compare to the national average, visit paym.co.uk