The ability to transfer funds using just a mobile phone number is growing in popularity in the UK, as national P2P service Paym reports a near-doubling in transaction volumes over the past six months.
Paym has registered 3.25 million mobile phone numbers on its database since it launched in April 2014 with the backing of banks servicing nine out of ten current accounts in the UK.
More than £146m has been sent using Paym since launch, says the firm, with more money sent in the last six months of 2015 than in the previous twelve months. In total 1.46m payments totalling over £76 million were sent in the second half of 2015 compared to 774,628 in the first six months - an increase of 89%.
Moreover, the average transaction value of a Paym payment dipped below £50 for the first time in the last three months of 2015, with £49.48 being sent on average, suggesting a move towards the service being used more often for smaller, everyday amounts.
Petrol money, splitting bills, IOUs and other household costs remain amongst the most popular reasons to use Paym, according to customer research by the firm, while 13% of users have paid a small business using their mobile number.
“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," says Craig Tillotson, chairman of Paym. “It seems plenty of people have cottoned on to using their contacts for more than calls and texts"