EY comments on the launch of Paym today

29 April 2014

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Adrian Baschnonga, Lead Telecommunications Analyst at EY, comments on the launch of Paym today:

"The launch of Paym comes at a time when consumer interest in mobile payments is rising fast. The linking of mobile numbers to existing accounts, allied to high levels of participation from banks, will provide greater levels of convenience for consumers transferring money to each other.

"However, Paym is just one of many initiatives introduced to leverage devices for payments, whether in terms of money transfer or payment at the point-of-sale. Clear consumer communications regarding the security and benefits of new mobile payment capabilities are essential, particularly given the range of entities - from banks and mobile operators to web giants - that are entering this space. As more mobile payment apps are launched, with both distinct and overlapping functionalities, it is vital that service providers take steps to avoid customer confusion."