What Is PayM and How Does It Work in the UK?
PayM: Mobile Payments by Phone Number
PayM (pronounced "pay-em") was the UK banking industry's universal mobile payment service, launched in 2014. It allows sending and receiving money using just a mobile number — no sort codes or account numbers needed.
How It Works
Register your mobile number with your bank and link it to your current account. When someone sends via PayM, it arrives instantly via Faster Payments — available 24/7. You can pay anyone whose number is registered, regardless of which participating bank they use.
Which Banks Support PayM?
Participating banks include Barclays, Halifax, Bank of Scotland, HSBC, first direct, Lloyds, NatWest, RBS, Santander, and TSB. Notable exceptions: Monzo, Starling, and Revolut do not participate — they have their own in-app payment solutions.
PayM vs Alternatives
- PayM: Uses mobile number; requires registration; simpler for personal payments between traditional bank customers
- Faster Payments: Uses sort code and account number; works between any UK accounts; no registration
- Digital bank transfers: Most neobanks let you pay contacts by phone number within their ecosystem
Is PayM Still Relevant in 2026?
PayM's relevance has diminished as digital banks built their own peer-to-peer features and Faster Payments became more user-friendly. For customers of participating traditional banks who want to pay friends without sharing bank details, PayM remains a simple and secure option — check your bank's app for registration.
