Paym reveals 89% increase in mobile payments

Paym reveals 89% increase in mobile payments

Mobile payment transactions using Paym have increased by 89% in the last six months.


New figures published by Paym revealed the rate at which mobile payments are being adopted, with £146m worth of transactions sent using the service since its launch.


Paym explained that the second half of 2015 was when the highest number of transactions took place, more so than in the previous 12 months.


The payments tool found that the average amount of money being sent via the service fell below £50 for the first time, suggesting that users are adopting Paym for smaller, everyday transactions.


The money transfer service enables users to send money using their mobile phone number, with the service integrated into an existing mobile banking application as an additional method of payment.


Launching in 2014, the service registered one million users within 100 days of launch, receiving backing from major UK banks such as Halifax, HSBC, Lloyds Bank, Santander and TSB. This figure has now increased to 3.2m users across 17 major UK banks.


Recent research by Transport for London showed that contactless payments are driving the popularity of mobile payments. The use of services such as Apple Pay on the underground has helped to encourage this trend.


Craig Tillotson, chairman of Paym, said: ‘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.’



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