More than one million people have registered with their bank or building society for Paym, the new secure way to pay using just a mobile number, since the service launched in April this year on the UK market. During that time just over £6.5 million has been sent using the service, according to Payments Council.
Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB have been able to send and receive Paym payments since April 29th 2014, meaning the one million users’ milestone has been reached within 100 days of the service going live. Later this year Paym will expand further becoming available to more than nine out of ten current account holders.
An increase in consumer awareness and confidence in mobile payments services has also been highlighted. With figures showing that the awareness of mobile payment services amongst consumers increased from 45 per cent before the launch of Paym up to 75 per cent just a week after the service became available [1]. Of those already using Paym, 65 per cent are confident in its ability to be a safe and secure way to transfer money to family and friends.
All customers need to do is register their mobile number and select the current account they want to receive payments into; then there is no need for the person sending them money to know sort codes or account numbers. Paym is integrated into the existing mobile banking or payment apps offered by participating banks and building societies, meaning customers benefit from the same security protection when making payments.
Jemma Smith, Director of Communications & Education at the Payments Council said:
“It’s hugely encouraging that one million people have chosen to register for Paym already, but this milestone only marks the start of growth in the service.
“I think that securely paying back friends and family using just their mobile number will become second nature – and we’ll wonder why we ever did anything else. The next big step forward is more banks and building societies joining before the end of the year, and as a result we look forward to millions more people signing up and using the service.”
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1. Research undertaken by TNS amongst 2000 UK adults aged between 16 and 64-years-old from 6th to 14th May 2014
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
