The UK peer-to-peer (P2P) mobile payment service, Paym hasannounced that has signed up 1.8 million consumers and has processed £26 ($39)million in funds transfers since its launch in April of last year. The servicewhich is supported by many of the UK’s leading banks enables users to transfercash to friends using just a mobile phone number.
In addition to the user announcement, Paym released specificstatistics highlighting that (at least in November 2014) that the weekendaccounts for 49% of Paym payments and that the service is most commonly used topay friends and family. Commenting on the announcement, Craig Tillotson,managing director at Paym said, “More people are using Paym every day – nineout of ten current account holders can now register to receive payments usingjust their mobile number. Paym means securely settling up with friends andfamily for weekend fun has never been easier – no sort codes, no accountnumbers and no cash needed.”
While Paym has plenty of room to grow (the service can beused with approximately 40 million customer accounts in the UK), the strongfirst year demonstrates the value of mobile P2P payments and with consumersincreasingly using their mobile phones of mobile banking and payments in the UKand elsewhere in the world, one can expect that these services will only growmore popular moving forward.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments for Mercator Advisory Group
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