More Firms Sign Up to Offer Paym

Six more banks are said to have signed up to the new Paym mobile payment service.

The service allows users to pay through their mobile phone, and approximately 1,450,000 customers have registered to use Paym, with banks such as RBS, Natwest and Yorkshire Bank offering to use the service later this year. A further four banks plan to join the initiative in 2015, including Metro Bank, Nationwide Building Society and Tesco Bank.

Jenna Smith, director of communications and education at the payments council said: "The service has the potential to link every bank account in the country with a mobile number - it's a great example of industry-wide collaboration that delivers an easy-to-use, secure new way to pay for customers."

The service is currently available to more than 30 million customers, with the payments council hoping to extend this to more than 40 million by the end of the year.

The mobile transaction service was responsible for over £6.5 million of transactions in its first 100 days, and the payments council predicts that by 2018, one billion transactions will have been made using Paym.

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