About £44m has been sent via Paym in its first year of operation, with significant acceleration in the last few months.
Paym was launched by finance regulator the Payments Council in April 2014, to enable transfers between UK bank accounts using just mobile phone numbers.
The latest figure represents significant acceleration in take-up, with the payments council reporting £26m payments processed between its launch on 29 April 2014 and the end of 2014, in an eight-month period. In half that time in 2015, £18m was processed.
Paym is available through 16 banks and building societies, with 2.25 million customers’ mobile numbers now registered to receive payments through the service. Over 90% of UK current accounts are covered. The average value of Paym transactions is £55.
Read more about Paym
- In March 2014 the Payments Council forecast one billion payments to be made to people using mobile phone numbers through Paym by the end of 2018.
- Paym will allow consumers to send and receive payments directly to a current account with a mobile number at the same speeds as other money transfer methods.
- Mobile payments are an ever-increasing medium, with mobile retail accounting for 32% of online sales between November 2013 and January 2014.
Paym publishes user trends
Paym has published research of some user trends. It found 18- to 24-year-olds are most likely to borrow and lend money among friends and family as a regular part of managing their money. It said this group transfer money every few weeks for drinks (51%), food (40%) or transport costs (31%).
Paym transaction research showed that £100 is deemed the largest amount most people feel comfortable paying.
Craig Tillotson, managing director of Paym, said: “Advances in technology are making sharing easier than ever – Paym means you can pay back friends and family using just their mobile number.
"We’re using our mobiles more than ever – and not just for phone calls. When you add this trend to the wider growth in the sharing economy, mobile payments look set to be a real growth area over coming years.”