Pay.UK and 15 of the UK’s banks and building societies have announce their decision that Paym, the mobile payments service, will close permanently to customers on 7th March 2023.

The collective decision reflects the rapid evolution in payments technology and services since Paym’s launch in 2014. Payment volumes through Paym have diminished over the past three years as fewer people sign up to use the service.

There is a shift by UK consumers towards newer forms of mobile payment and access to Faster Payments through online banking.

These changes in consumer preferences are built on the foundation created by Paym, but superseded by ever faster and better ways to move money.

The closure process will be carried out with the needs of Paym users front of mind, with Pay.UK continuing to work closely with the banks and building societies to support them in this work.

To minimise disruption banks and building societies will engage with their customers ahead of their closure date to make them aware of the changes and what it means for them.

“Paym has been an important service for nearly nine years. But the emergence of new products and services, driven by the UK’s world-leading payments sector, means it is time to make the move to faster, and better systems for consumers and businesses,” comments Dougie Belmore, Chief Payments Officer of Pay.UK.

“Any Paym customers with concerns about the change should speak to their bank or building society.”