- Paym, which is owned by Pay.UK and offers money transfer services via mobile in Britain, has announced that it will close its operations next year.
- It is thought that the reason for the dramatic move is a reduction in the levels of uptake of the service – including dips of more than 100,000 transactions since 2020.
- “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,” said a senior figure at Pay.UK.
Paym, a provider of online money transfer services in the UK, has announced that it will close its operations next year. It is thought that the reason for the dramatic move is a reduction in the levels of uptake of the service.
Figures have shown that levels of new use of the service went down by a tenth in 2021, and this year they have gone down by almost 15%. In terms of transaction volumes, the firm has seen a dip of more than 100,000 since 2020.
Overall, it is thought that there are almost 500,000 people regularly using the service.
Paym, which was set up back in 2014, assured customers that they will be looked after as the service closes. It is thought that a number of organisations will work together in response to the news to ensure that customers are not left too disrupted.
It was also reported that the decline in levels of uptake was due in large part to the discovery by consumers of other ways of sending money from one place to another.
Speed was also cited as apotential reason the service failed to work out.
“Paym has been an important service for nearly nine years,” said the chief payments officer of the organisation, Dougie Belmore.
“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,” he explained.
“Any Paym customers with concerns about the change should speak to their bank or building society.”
Paym is just one of a whole host of providers operating in the international money transfer sphere – to learn more about them and what they can offer you or your business clients, just go over to our money transfer reviews pages.
