Industry led UK person-to-person mobile payments service Paym has announced new results on its first birthday that highlight it has processed nearly £44 ($67.6) million in the past 12 months. The service which currently has 16 banks and building societies participating (with more to follow) and access into 40 million UK current (checking) accounts has seen 2.25 million sign up to transfer funds via their mobile device.
Also released with the data was a survey that showed 83% of Paym users think that sharing money is a sign of true friendship, compared to just 53% of the general public and with the average Paym transaction reaching £55 ($85), users are clearly very generous. Commenting on the results, Craig Tillotson, Managing Director of Paym said,
“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.”
Around the world mobile P2P solutions are increasingly popular. Just this week, industry participants in Switzerland announced the creation of their own domestic service. While in certain markets like the United States, P2P services are being championed by individual players elsewhere in the world, real-time payment systems like the UK’s Faster Payments are being leveraged to create industry wide services like Paym.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
Read the full story