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Global

UK Banks Decide to Shut Down the Paym Payments System

“Pay.UK and fifteen of the UK’s banks and building societies have decided to shut down the Paym payments system due to diminishing transaction volumes.   Paym was launched in 2014 and will close down for good on 7 March 2023 as its design can no longer keep up with the current evolution in payments technology and services. According to the official press release, UK consumers are shifting towards newer forms of mobile payment and access to faster payments through online banking.  As for the closure process, Pay.UK will maintain a close relationship with the banks and societies involved in order to minimise any disruption for current Paym users. Moreover, the banks in question will maintain an open line of communication with their customers before the closure date to make them aware of the changes and what it means for them.”