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August 12, 2015

Paym notches up £70m transactions as user growth surges

Petrol payment named as top use, whilst weekday use increases.

By Jimmy Nicholls

Paym clocked up £70m of transactions since its launch in 2014 as figures showed a sharp increase in uptake for the mobile payments service.

Some 2.6 million are now registered to use the service, which allows you to pay somebody using just their mobile number, whilst the first half of this year saw three-quarters of transactions across the service, an 80% increase on the second half of 2014.

Craig Tillotson, managing director at Paym, says: "Paym continues to grow and it’s interesting to see we’re using it more for weekday money management as well as Saturday’s socialising."

Data released by the firm showed that weekdays now account for three-quarters of payments on Paym, up from two-thirds for the latter half of last year.

Paying for petrol is the most common use for the service, accounting for a quarter of all payments, whilst helping with bills and paying back IOUs account for 22% of transactions each.

"We believe the sheer simplicity of using someone’s mobile number to pay them back means Paym will go from strength to strength," Tillotson said.

"After all whether it’s a friend or a family member we already know their mobile number, so it’s easy to settle up with no sort code, no account number and no cash."

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The service has the backing of a number of major banks, including Bank of Scotland, Barclays, HSBC, Lloyds and Santander, some of which have rolled out their own convenient smartphone payment apps.

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