£26 million already transferred via Paym in 2014
More than £26 million has been sent using Paym, the simple and secure way to pay using just a mobile number, since its launch on 29th April 2014.
The research found that 85% of people who have used Paym would recommend it to others, and the benefits of being able to pay friends and family securely on a mobile phone are widely acknowledged amongst consumers.
Nearly two million people have now registered with their participating bank or building society to receive payments into their bank account using just their mobile number.
The figures are revealed in the first Paym statistical update, which includes a survey of consumer attitudes to mobile payments. Two thirds (66%) of the UK population are aware of mobile payments, with more than half (52%) of those with knowledge of mobile payments aware of Paym.
Use of Paym peaks over the weekend. A snapshot of data from November 2014 reveals Friday, Saturday and Sunday account for 49% of Paym payments, with the three hours between 6-9pm being the most popular time for using the service.
So far, Paym is most commonly used to pay back a close friend (21%), followed by a partner (19%), parents (19%), or child (13%). The consumer attitudes survey also found that the top five reasons for using Paym are:
1. Paying someone back for lunch, dinner or a sandwich (30%)
2. Paying someone back for a cinema or concert ticket (16%)
3. Paying someone for petrol money (15%)
4. Contributing for group presents (15%)
5. Paying for a club membership (15%).
Consumers identified the benefits of mobile payments as:
Not having to give account details out to others (28%)
Not having to carry cash around (24%)
Easier to use a mobile number rather than a bank account and sort code (24%)
Fewer trips to the cash machine (24%)
Easier to receive payments overall (22%).
Craig Tillotson, Managing Director of Paym, said: “More people are using Paym every day – nine out of ten current account holders can now register to receive payments using just their mobile number. ‘It’s still early days for the service, but people seem to find Paym most useful at the weekend – almost half of payments are made between Friday and Sunday. Paym means securely settling up with friends and family for weekend fun has never been easier – no sort codes, no account numbers and no cash needed.”
What is Paym?
It’s a simple, secure way to send and receive payments directly to a current account using just a mobile number
Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours
Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place
More than 40 million customers are now able to register for Paym - representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander, TSB and Yorkshire Bank are able to send and receive Paym payments
Isle of Man Bank, NatWest, RBS and Ulster Bank customers are able to receive Paym payments with the ability to send payments coming for these customers from the middle of 2015. Metro Bank, Nationwide Building Society and Tesco Bank also planning to join the service.
To find out more about Paym, visit paym.co.uk.