Citing the “rapid evolution” of payments technology which has seen consumers move to newer forms of mobile payment and faster payments through online banking, Pay.UK says Paym will close permanently on 7 March 2023.
“These changes in consumer preferences build on the foundation created by Paym,” the organisation says, which acts as the operator and standards body for the UK’s retail interbank payment systems.
Pay.UK and 15 UK banks and building societies made the decision to wind down the service after declining payment volumes and fewer signups over the past three years.
