Paym is the UK’s mobile payments service.
It is an overlay scheme for initiating payments via Faster Payments
or LINK from a mobile phone number in place of a sortcode and account number.

Instant Payment – Typically 10 seconds
Varies per account.
£500 in most cases, but can be higher

Use cases

Paym is used for low-value payments:

  • Settling small debts (IOUs) between private individuals (P2P).
  • Payments from customer to small businesses or sole traders (C2B).

Operational details

TMobile Payments Service Company Ltd
(MPSCo) runs Paym. Paym is a proxy database for initiating payments via Faster Payments or LINK.

Users link their mobile phone number (or other proxy) to their bank account. This allows payments to be received using just the proxy – no sort codes or account numbers are needed.

The payer gets added assurance with a confirmation of the recipient’s
name, before payment is sent. Paym transactions are cleared and settled according to either Faster Payments or LINK procedures.