A press release issued on the 9th February 2016 has confirmed that the use of the Paym mobile payment service increased by 89% during the second half of 2015 compared with the same period the previous year.
Paym allows users to send and receive payments to a current account held at participating banks or building societies using a mobile number.
Since its launch in April 2014 £146 million has been sent using the service, and according to Paym the number of payments being sent is almost doubling every six months.
“The number of Paym payments sent is almost doubling every six months, with 1.46m payments sent in the second half of 2015 compared to 774,628 in the first six months – an increase of 89%.”
The number of mobile phone numbers registering for the PAYM service is increasing, with 624,420 registrations to bank/ building societies during the second half of 2015. However, the average transaction value dropped to £49.48 in the last quarter of 2015, demonstrating that the service is being more commonly used for smaller, daily transactions.
Interestingly, Paym advises that the majority of payments (68%) are sent by men. The most popular uses for the service are reportedly “Petrol money, splitting bills, IOUs and other household costs”.
Craig Tillotson, Chairman of Paym, said:
“Paym makes settling up with friends, family and even small businesses easy – all you need is their mobile number, so it’s no wonder the service is becoming more popular.”
“More Paym payments were made in the last six months than the whole previous year, so it seems plenty of people have cottoned on to using their contacts for more than calls and texts. Paym means all you need is a mobile number to securely send payments straight to another bank account whenever and where you want, using your own bank’s app.”
To read the full Paym press release PDF click here.