Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the impact on consumers of the decision by UK banks and Building Societies to close the PayM mobile payments system.

On 29 September Pay.UK and fifteen of the UK’s banks and building societies announced their decision that Paym, the mobile payments service, will close permanently on 7 March 2023.

Pay.UK have observed that payment volumes through Paym have diminished over the past three years as fewer people sign up to use the service. As an independent company limited by guarantee, Pay.UK has discretion over its decision-making, with oversight from the Bank of England and Payment Systems Regulator in relation to its recognised and designated payment systems.

Customers will continue to have access to a range of alternative payment methods. In addition, Pay.UK assures customers that the closure process will be carried out with the needs of Paym users front of mind and, to minimise any disruption, banks and building societies will engage with their customers ahead of their closure date to make them aware of the changes and what it means for them. Pay.UK advises that any Paym customers with concerns about the change should speak to their bank or building society.

For further information on the closure of Paym, please see the following webpage:

https://newseventsinsights.wearepay.uk/media-centre/press-releases/paym-mobile-payments-service-to-close-in-2023/#:~:text=London%2C%2029%20September%202022%3A%20Pay,customers%20on%207%20March%202023