Paym launches today for our customers

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Paym launches today for our customers

RBS, NatWest, Ulster Bank and Isle of Man Bank customers can receive payments from Paym users from today.

Supporting individuals

18 November 2014

Customers transferred around £3m in 57,000 Pay Your Contacts transactions last week alone

From today, customers of RBS, NatWest, Ulster Bank and Isle of Man Bank are able to register to receive mobile payments through Paym, the industry-wide payments initiative developed by the Payments Council.

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 customers. Paym sits alongside the banks’ existing ‘Pay Your Contacts’ service, which is available for users of RBS, NatWest, Ulster Bank and Isle of Man Bank’s mobile banking apps to send and receive payments

Customers will also be able to send payments via Paym from the middle of 2015.

Chris Popple, Managing Director 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.”

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, NatWest, Ulster Bank or Isle of Man Bank mobile app
  • Go to the main menu within the mobile app
  • Select ‘Paym’ and follow the steps to edit content

The RBS/ NatWest Mobile App is available to personal account customers with debit card, Digital/ Online Banking and a UK mobile number starting 07 on selected smartphones. Payment limits apply to the Pay Your Contacts service.

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2014

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