Paym is the name of the scheme launched by the Payments Council to link all UK phone numbers to bank accounts.
Essentially, lots of banks – notably Barclays with Pingit – now let users assign their account details to their phone numbers inside an app.
This means they can pay another person without ever needing to get their branch and sort code details.
But the whole thing would work better if all these apps were linked.
That’s what the UK Payments Council is trying to do.
Last month, it revealed the scheme would be called Paym, with nine banks in support. Now the launch date of April 29 has been confirmed.
Launch banks are: Bank of Scotland, Barclays, Cumberland Building Society, Danske, Halifax, HSBC, Lloyds Bank, Santander and TSB.
They’ll be joined later by Clydesdale Bank, First Direct, Isle of Man Bank, NatWest, The Royal Bank of Scotland, and Yorkshire Bank with Nationwide set to join in early 2015.