Security Worries May Damper Paym Launch in UK

Paym plans to launch on Tuesday, however, many consumers are saying that they do not plan on using the app, according to a survey.

Paym is a new mobile app payment service that will allow registered users to make payments by using a mobile phone number as a proxy.  However, according to a Consumer Intelligence Survey, about 47 percent say that they will not use the app.

Consumer Intelligence’s David Black believes that it may take a bit for consumers to work up to the idea of mobile payments, especially after the recent security breaches that have been taking place.

“It's clear that the banking industry has a job to do educate many of them that mobile payments are a safe and consumer-friendly development," Black told Finextra.

Built under the Payments Council umbrella, the service will go live tomorrow for customers of Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander and TSB. More banks will follow later in the year.


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