The Payment Council has announced that the final stage of testing for its new mobile payments technology, Paym, is on track and that a launch date will be revealed next month.
According to the organisation, the system will create a new secure way for consumers to pay for goods using just a mobile phone number.
The industry-wide collaborative project is the first service to link up every current account in use in the UK with a mobile phone number, by integrating the technology into customers' existing mobile banking or payment applications, offering a new way to make purchases.
Bank of Scotland, Barclays, Danske Bank, Halifax, HSBC, TSB Bank, Santander, Cumberland Building Society and Lloyds Bank will all make use of the new technology when it is launched, and be able to use the Paym brand logo.
Each of the nine launch brands will offer their customers the opportunity to register their mobile number and select the current account they want payments made into before the service goes live.
Adrian Kamellard, chief executive of the Payments Council, said that updating mobile applications is a common experience for smartphone users and this is just another update that provides a way of paying for goods securely.
He added: "Paym is a great example of industry-wide collaboration that delivers tangible benefits for customers. The service has the potential to link up every bank account in the country with a mobile number - millions of people will be able to use it this year and we look forward to expanding Paym even further, so everyone can benefit from this easy, secure new way to pay.”
Paym is set to be the most wide-ranging payment service capable of moving funds between accounts, without the need for sort codes or an account number, increasing convenience for consumers.
The scheme is also set to expand soon after its initial launch, with Clydesdale Bank, first direct, NatWest, The Royal Bank of Scotland, Yorkshire Bank and the Isle of Man Bank all committed to joining the scheme later this year.
Nationwide Building Society have also confirmed their intention to join in early 2015, while Metro Bank and Ulster Bank head up the list of other interested parties finalising their launch plans.
By Asim Shah