Paym is being launched by the Payments Council and nine brands and building societies are so far signed up to it, including Barclays, HSBS and Lloyds Bank.
The service will enable customers to select a contact from their mobile phone address book, or input a mobile phone number, and then send money directly to that contact, up to around £250 a day.
Paym will act as an add-on service to existing bank apps, and the Payments Council says, ‘robust protocols are in place to ensure that the new service is secure for customers’.
Branding for the new service has been developed by Engine, and is based around the Paym wordmark (pronounced ‘pay ‘em’).
The Payments Council says it is working on final testing of the service. A launch date will be announced in April, when participating banks and building societies will be able to use the new logo.