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11 February 2015

Paym approaches two millionth customer mark

 
Deborah Souter,
Head of Content,
VocaLink

£26 MILLION ALREADY TRANSFERRED VIA PAYM IN 2014

  • Nearly two million people now registered to receive payments through Paym

  • 85% of people who have used Paym would recommend it

  • Almost half of all Paym payments are sent on Friday, Saturday or Sunday

More than £26million 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.”

VocaLink is delighted to see that nearly 2 million people are registered for Paym, which gives further confirmation of consumer demand for mobile payment technology.

To find out more about Paym, visit paym.co.uk

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