More than £300m (US$364m) has now been processed through peer-to-peer mobile payments platform Paym since its launch in April 2014, accounting for more than 5.8m transactions. Some 3.5m mobile numbers are currently registered with the service across the UK, up from 3.2m in February 2016.
“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,” the company says.
“Over the entire bank holiday period, nearly £2.5m was sent straight to someone’s bank account using a mobile number.
“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,” Paym adds.
Paym was launched by the Payments Council, now known as Payments UK, in conjunction with nine UK banks in April 2014 and is available to 40m customers, representing more than nine out of 10 current accounts.
The service signed up more than 500,000 UK bank account holders in its first month and reported an 89% increase in use during the second half of 2015.