Media comment: The launch of Paym

**3 April 2014 **

Commenting on the launch of Paym - the new secure way to pay using a mobile phone - Caroline Rookes, CEO of the Money Advice Service said:

“We live in exciting times: in the midst of a mobile technology revolution. It is not only improving how we communicate, but changing other aspects of everyday life too – such as the way we digest news and how we bank. With so many brilliant mobile services available nowadays, it’s never been easier to stay on top of your finances. We welcome any new service which safely helps people manage their money, and Paym is no exception – we hope it will help more people stay more in control of their money and keep track of their budget.

“But with speedier and easier access to your money, comes the risk of impulse payments. So I do urge customers using any mobile payment service to always check their balance before transferring any money. It’s vital to always stay on top of your priority payments – essential bills must come first.

“Our ‘Unexpected Costs’ research earlier this year (Jan 2014) found that 12% of UK households unexpectedly lent money to friends or family in 2013 – the average loan was £2,482 per household. Emergency loans to loved ones can be life-saving. But expensive unforeseen costs such as this can really throw a household budget off course when friends or family need financial help. So we welcome the launch of Paym, and encourage people to sign up if they can.”