10 March 2014
Nationwide Building Society today confirms its intention to offer Paym, a new mobile payment service that will allow customers to send and receive payments using just their mobile phone number.
The new service is the latest in a line of innovative payment options announced by the Society. This includes Zapp, a mobile payment service linked to a customer’s mobile banking app that allows them to make payments to merchants, and V.me, a digital wallet that makes shopping online faster, easier and more secure.
Paym works by connecting customer’s mobile phone numbers to their current account, meaning customers will no longer need to provide people with their account number and sort codes when making or receiving payments. Payments are made using the customers’ existing banking app, allowing them to be confident in the security when making a payment.
Paym is an industry wide initiative being developed with the Payments Council. From early 2015 Nationwide customers will be able to send and receive payments from their mobile phone to other Nationwide customers and those with other providers who are signed up to the Paym service.
Tony Prestedge, Nationwide’s Chief Operating Officer, said: “Paym allows our customers to make safe and secure payments directly to other people’s bank accounts, just by using their mobile phone number. The service utilises the Faster Payment technology already in place, meaning the money should arrive in the recipient’s account almost as soon as the request is sent.
“At the end of 2013, we were the first to launch the V.me digital wallet and we are expected to be one of the first providers to go live with Zapp early next year.
“The way people use their current accounts is changing. Customers expect to be able to make a payment at any time of the day in a way that suits them. In order provide a compelling alternative to the big banks Nationwide is ensuring it is at the forefront of offering the latest payment initiatives.”
Notes to editors:
What is Paym?
- is an easy, secure way to send and receive payments directly to another current account, using just a mobile phone number
- Paym means there is no need to ask for other people’s sort code or account number, or tell them yours
- Anyone using Paym to send money will also be able to check the name of the recipient before confirming the payment, so they can be sure they are sending it to the right place
- It is brought to you by participating UK banks & building societies
- Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK
How does Paym differ to Zapp?
- Paym allows consumers to make person-to-person transactions via their existing mobile banking app using mobile phone numbers
- Zapp allows consumers to make payments to retailers utilising their existing mobile banking app
- A video showing the benefits of V.me can be found here.
Zapp is the UK’s leading mobile payment innovation. Zapp will put real-time payments on people’s mobile phones through their existing mobile banking application allowing secure payments to happen between consumers and merchants. Zapp was established through a strategic £16m investment by VocaLink. Currently Zapp remains a wholly owned, independent, subsidiary of VocaLink with separate board, management and location. VocaLinkdesigns, builds and operates world-class payment systems and ATM switching platforms that in 2012 processed over 10 billion UK payments with a value of over £4.5 trillion.
Nationwide is the world's largest building society as well as the second largest savings and mortgage provider in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.