New mobile payment service to reach 30 million people

A new payment service has been launched that could eventually link every current account with a phone number.

Paym - pronounced 'pay em' - will be available for 30 million bank customers who will be able to transfer money using their mobile number.

Banks signing up to the new service include Barclays, Halifax, Lloyds and HSBC.

Once more banks register for the scheme later in the year around 40 million people should have access to Paym.