Paym sees over one million users and £6.5 million spend in first 100 days
06 August 2014 | 10336 views | 6
More than one million people have registered with their bank or building society for Paym, the UK bank-backed mobile number payment service that was launched in late April.
Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB have been able to send and receive Paym payments since 29 April 2014. During this time just over £6.5 million has been sent using the service.
Later this year Paym will expand further becoming available to more than nine out of ten current account holders.
Jemma Smith, director of communications & education at the Payments Council says: "It's hugely encouraging that one million people have chosen to register for Paym already, but this milestone only marks the start of growth in the service."
She points to recent research among 2000 adults by TNS which highlights an increase in consumer awareness and confidence in mobile payments services. Figures indicate that the awareness of mobile payment services amongst consumers increased from 45% before the launch of Paym up to 75% just a week after the service became available. Of those already using Paym, 65% are confident in its ability to be a safe and secure way to transfer money to family and friends.
"I think that securely paying back friends and family using just their mobile number will become second nature - and we'll wonder why we ever did anything else," says Smith. "The next big step forward is more banks and building societies joining before the end of the year, and as a result we look forward to millions more people signing up and using the service."