Paym has processed over £300m in transactions on the platform since its launch in April 2014. According to new figures published today, over 5.8 million transactions have been made without sort codes and account numbers to reach this milestone.
More than 3.5m mobile numbers are currently registered with their bank or building society in order to send and receive payments using Paym. The continued growth in Paym payments is being influenced by the increasing popularity of mobile banking. Figures published by Payments UK2 show a third of adults in the UK now regularly use a mobile banking app.
Craig Tillotson, Executive Chairman of Paym, said:
“With UK consumers becoming increasingly cashless and looking to embrace mobile technology in their day-to-day lives, it’s encouraging to see many people are taking advantage of Paym as a new way of paying. Having now passed the £300 million milestone, it’s clear the mobile revolution is in full swing and we expect this trend to continue to grow and transform the way we pay.”
The August Bank Holiday in particular proved to be a very busy day for Paym this year, as the holiday coincided with an end of month pay day, which encouraged people to send a record £1m in a single day. Over the entire Bank Holiday period, nearly £2.5m was sent straight to someone’s bank account using a mobile number.
According to research also published around the Bank Holiday weekend, chipping in for petrol money was the most popular reason to use Paym (21% of Paym users) – helping to fuel Bank Holiday trips away, as well as car sharing for those on the way to work. One in five (19%) users say they have paid back for cinema, theatre or gig tickets with the service, while almost the same number (18%) use it to pay their share for lunch or dinner.
Another growing use for Paym is to pay a small business – one in seven (15%) people who use Paym have paid in this way, up from 13% when asked the same question in 2015.