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UK businesses to get payment service via Pingit and Paym

UK businesses using digital banking solutions provider Bottomline Technologies’ C-Series payments processing module will soon be able to send payments to recipients using only their mobile phone number through the Barclays’ Pingit mobile app or the Paym mobile payment platform, which is also supported by Barclays.

Bottomline“There are already over 3 million phone numbers registered with Pingit and over 3 million registered with Paym,” Bottomline says.

“If a recipient wants to receive a payment via their phone number but is not registered to either service, they will receive an SMS inviting them to register to Pingit within five days. Recipients do not have to bank with Barclays or have a smartphone to use Pingit.”

“This service requires a Barclays Corporate UK bank account. Disbursement values typically range from £1 up to £3,000,” the company adds.

“Over £2bn has been transferred to date via Pingit and this mobile integration functionality will allow Bottomline’s customers to quickly adopt both Pingit and Paym payment methods,” says Darren Foulds, Pingit managing director.

“It’s a payment option that will provide extra security as well as greater speed and convenience for businesses and their customers.”

Paym was launched by the Payments Council, now known as Payments UK, in conjunction with nine UK banks in April 2014 and is available to 40 million customers, representing more than nine out of 10 current accounts.

The service signed up more than 500,000 UK bank account holders in its first month and reported an 89% increase in use in the second half of 2015.

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