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Paym signs up 1.8 million consumers; £26 million transferred

02 February 2015  |  6502 views  |  2 Hipster teens with phone

Up to 1.8 million UK consumers have so far signed up for UK bank-backed mobile payments service Paym, which has processed £26 million in funds transfers since its launch in April last year.

The service, which enables users to transfer cash to friends using just a mobile phone number, is now accessible by a combined 40 million customer accounts in the UK.

A snapshot of data from November 2014 reveals Friday, Saturday and Sunday account for 49% of Paym payments. So far it is most commonly used to square up with a friend (21%), followed by a partner or parents (19% apiece) and child (13%).

Craig Tillotson, managing director at Paym, says: “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. 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.”

Comments: (2)

A Finextra member
A Finextra member | 02 February, 2015, 11:33

Very interesting to compare these figures with the one's for the very successful Swedish service Swish launched in December 2012. Swish is backed by the "big 4" banks in Sweden and more.  

Users

  • Paym, 1,8 million
  • Swish, 2,1 million

Funds transferred

  • Paym, £26 million (April-14 to Jan-15)
  • Swish, £137 million = 1,7B SEK (and this for one month only!, Dec-2014)
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A Finextra member
A Finextra member | 04 February, 2015, 08:57

Maybe someone has the numbers of Tencent Holdings' WePay App...?

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