‘Why Nott?’ – ‘Robin Hoods’ of Nottingham Lend Friends the Most

By | Press releases

Nottingham locals lend £82 a year to friends, double the UK average

Their most famous resident, Robin Hood was legendary when it came to helping friends out with money and new research from Paym, the UK’s mobile payments service shows the residents of Nottingham are firmly following in his footsteps. The Merry Men (and women) of Nottingham offer an average £82 a year to friends which is more than double the national average of £35.

Other generous givers in the UK include Norwich (£82), Birmingham (£46), London (£45) and Leeds (£45). The most frugal friends can be found in Sheffield where they lend a steely £11 a year. Other cities where residents are unlikely to part with cash are Brighton (£22), Edinburgh (£19), and Newcastle (£24).

While people from Nottingham are the frontrunners for the amount they’re likely to lend, residents of Leeds are the leaders when it comes to frequency helping out a friend 46 times a year, more than double the national average of 20. Brighton is bottom of the bunch, only giving on average once a year.

 

Cities with the most likely lenders:                              Cities with the least likely lenders:  

City Average number
of times they lend
to friends per year
City Average number
of times they lend
to friends per year
Leeds 46 Brighton 1
Bristol 35 Belfast 5
Norwich 31 Nottingham 5
London 30 Sheffield 6

 

Craig Tillotson, Executive Chairman of Paym, said:

“As we carry less cash, it’s good to know our friends are still happy to help out when we need some spare change. However, these dutiful donations from generous friends can soon add up. Paym allows you to pay back friends the exact amount straight to their bank account using just their mobile number. There’s no hassle of finding the right change or needing to share sort codes and account numbers, helping to keep both bank balances and friendships on track.”

To find out what really has going on in the nation’s wallets, Paym street teams have been challenging people up and down the country to take part in the ‘Change Challenge.’ The Paym teams have already visited London, Bristol, Manchester and Edinburgh but residents of Belfast still have until the 2nd October to take part in the challenge, with a chance to win £250.

With Paym, it is no longer necessary to know the account details of the person you want to pay. Paym enables more than 20 million customers of seventeen banks and building societies who use mobile banking to securely pay back friends, families and small businesses using just their mobile number. The Paym service is designed to be accessed through your bank or building society’s existing mobile banking or payments app, so it couldn’t be easier, and it’s just as quick and secure.

In excess of £245m has been sent via Paym since launched in April 2014, with 3.3m mobile numbers currently registered with their bank or building society to receive payments.

 

ENDS
For further information please contact:
Paym Press Office – 020 3217 8441, press@paym.org.uk / @paymnow

Notes to Editors:
About the research: 2,005 adults aged 18+ were surveyed from 19th to 21st July 2016 as part of an Omnibus survey conducted by Opinium for this story.

Sole traders bear brunt of Late payment losses East of England tops the list for tricky customers

By | Press releases

East of England tops the list for tricky customers

East of England residents are the worst culprits when it comes to paying local sole traders late, creating an annual loss of £6,108 per microbusiness over the last year. This is more than double the national average of £2,472, according to new research by Paym, the UK’s mobile payment service.
Forgetting payments seems to be a widespread practice across the Eastern counties with two in five sole traders (43%) abandoning the chase for a payment over the past year, a figure well above the national average of 30%. So not only are the electricians of Essex and caterers of Cambridge missing out on their hard earned cash, but they’re also spending precious time chasing customers.
While they may be known for their relaxed lifestyle in the South West of England, locals are the most prompt payers, as only 21% of sole traders have needed to chase customers. As a result they’re also the region reporting the lowest loss to their earnings due to abandoned payments, although sole traders still report losing out on £105 a month.
Other regions that have better habits for paying punctually include the South East and Wales, where a quarter (25%) have abandoned chasing payments, followed closely by London (26%). Regions joining the East of England for the most belated bills include Yorks & Humber (44%) and the West Midlands (37%).
While those in the South of England and Wales may be proud to be prompt, for the hardworking self-employed sole traders of Britain, one late or abandoned payment is one too many. Small outstanding payments can all add up and begin to take their toll on the tutors, tilers and trainers of Britain.
Craig Tillotson, Executive Chairman of Paym, said:

“While some regions may be worse than others, late or abandoned payments are continuing to be a growing problem for sole traders across the whole of Britain. Chasing up late and overdue payments eats up valuable time, so it is understandable that an increasing amount choose to cut their losses. However, the chase for payment can be countered by offering customers different payment methods. Paym is an easy alternative that works using your mobile banking app to send money with just a mobile number, the same way as a normal bank transfer without the need to hand over a sort code and account number.”

For sole traders, the problems do not end with chasing payments. Even when customers pay up, sole traders can still find themselves short changed. Sole traders in Wales are the most forgiving at ‘forgetting the change’, happy to let off customers for up to £7.75, almost triple the national average of £2.70.

However, with Paym, sole traders need not forgo their full payment, using the mobile payment service allows customers to transfer the exact amount required, with all customers able to send at least £250 per transaction, and some able to send higher amounts.

Paym makes it easy for small businesses to get paid straight into their bank account using just a mobile number. More than 20 million customers of 17 banks and building societies who use mobile banking can send payments straight from their banking app, with payments made at the same speed as payments sent using a sort code and account number (in most cases, almost immediately).

A further benefit of Paym is for added peace of mind, the sender is presented with the recipient’s business account name before confirming the payment, allowing them to check they are sending the money to the right place. Small businesses can find out how to register to receive payments by visiting: https://www.paym.co.uk/paym-for-business/

 

ENDS
For further information please contact:
Paym Press Office – 020 3217 8441, press@paym.org.uk / @paymnow

Notes to Editors:
210 sole traders were surveyed online from 19th to 26th July 2016 as part of an Omnibus survey conducted by Opinium for this story.

Paym is a simple, secure way to send and receive payments straight to a current account using just a mobile number – either by selecting it from the mobile phone contacts book or typing it in directly. Anyone using Paym to send money is able to confirm the name of the recipient before sending the payment too, so they can be sure they’re sending it to the right place.
More than 3 million people have registered their mobile number to receive payments via Paym and the service is available on more than nine out of 10 current accounts, with nearly £280m sent since the service launched in April 2014.

Brits Leave Cash Behind – UK adults only carry £22 in their wallets

By | Images

Is “sorry, I don’t have much cash on me” a familiar phrase when you’re owed money by friends and family? It seems to be a nationwide problem as Brits admit to only carrying £22 in cash at any one time, according to new research from Paym, the UK’s mobile payments service.

The study also reveals a shortfall between the amount of cash people carry on them and a typical IOU. With the average Paym transaction standing at £52, there is a discrepancy of £30 – £1.5bn* in total across the UK – between the average amount of cash carried by Brits, and the amount they actually need to pay people back.

Across the UK, Belfast residents tend to have the bulkiest wallets, with the research showing people in the city having on average £30. At the other end of the scale, Nottingham residents have been quickest to lighten the load in their wallet, keeping only £16 in their pockets.

High Cash Carrying Cities                                                  Low Cash Carrying Cities

City Average Amount City Average Amount
Belfast £30.19 Nottingham £16.54
London £25.41 Glasgow £18.99
Liverpool £25.37 Bristol £19.43
Sheffield £25.30 Manchester £19.63
Newcastle £23.95 Cardiff £20.22

 

Craig Tillotson, Executive Chairman of Paym, said:

“Cash is no longer king when it comes to paying back IOUs. As people carry smaller amounts of cash on them, chasing down money owed can quickly become a hassle. Paym allows you to send payments of up to £250 per day directly to friends and family’s bank accounts using just their mobile number, making cumbersome IOU repayments a thing of the past.”

To find out what really is going on in the nation’s wallets, Paym street teams will be heading to five UK cities to invite members of the public to take part in the ‘Change Challenge.’ By taking part in the challenge, contestants will have the chance to win £250 per city.

 

The Paym ‘Change Challenge’ is coming to city near you: 

Location Date
London – Golden Square 17th – 18th  September
Bristol – Broadmeads and Cabot Circus 15th – 18th  September
Manchester – Arndale Shopping centre,
Piccadilly Gardens and Piccadilly Square
22nd – 25th  September
Edinburgh – Old town, Waverley Walk
shopping centre and Princess St
22nd – 25th  September
Belfast – Victoria Shopping Centre
and Castle Court
29th September – 2nd October

 

ENDS
For further information please contact:
Paym Press Office – 020 3217 8441, press@paym.org.uk / @paymnow

Notes to Editors:
About the research:
2,005 adults aged 18+ were surveyed from 19th to 21st July 2016 as part of an Omnibus survey conducted by Opinium for this story.

* = £1.5bn based on average discrepancy of £30 multiplied by the UK’s adult (18+) population, 50,909,098 (ONS).

About the Paym Change Challenge:
Paym street teams will be in five UK cities to challenge people on how much money they think their city carries with them in cash on average. Open to UK residents 18 and over. Only one entry is permitted per person. There are 6 prizes of £250 available to win (one per city with the exception of London where two prizes are available). The winner from each city will be the person who gets the most likes on their Change Challenge photo when shared on Facebook. Visit this page for the full terms and conditions.

Bank holiday pay day Record for Paym

By | Press releases
  • Paying petrol money is the top reason to send money using a mobile number
  • More than £245m sent since Paym launched, according to latest statistical update

A sunny August Bank Holiday weekend coinciding with an end of month pay day encouraged people to send a record £1m in a single day on Friday 26th August using Paym, the UK’s mobile payments service, according to figures published today.

Over the whole Bank Holiday period1, nearly £2.5m was sent straight to someone’s bank account using a mobile number. Transactions hit a peak on Friday, with 17,244 payments, which is almost 40% higher than usual.

Use of the service usually increases on the last Friday of the month, as it is payday for many people. On this occasion the end of month payday boost appears to have been bolstered by the Bank Holiday weekend. According to research also published today2, chipping in for petrol money is currently the most popular reason to use it (21% of Paym users) – helping to fuel Bank Holiday trips away, as well as car sharing for those on the way to work.

Paym will also have helped with other forms of socialising over the long weekend – almost one in five (19%) users say they have paid back for cinema, theatre or gig tickets with the service, while almost the same number (18%) use it to pay their share for lunch or dinner. Another growing use for Paym is to pay a small business – one in seven (15%) people who use Paym have paid in this way, up from 13% when asked the same question in 2015.

£245m SENT SINCE LAUNCH

According to new figures published today as part of the latest half-yearly Paym statistical update, almost £100m (£99,218,404) was sent using Paym in the first six months of 2016. In excess of £245m has been sent from when Paym launched in April 2014 until the end of June 2016, with 3.3m mobile numbers currently registered with their bank or building society to receive payments.
The continued growth in Paym payments is being influenced by the increasing popularity of mobile banking. Figures recently published by Payments UK3 show that a third of adults in the UK now regularly use a mobile banking app. Seventeen banks and building societies, representing more than 95% of current accounts, offer the Paym service through their app making it possible to pay without knowing the recipient’s/payee’s sort code and account number.

Craig Tillotson, Executive Chairman of Paym, said:

“Paym is a great way to pay back friends and family, so it makes sense that the Bank Holiday broke the record for the number of payments sent to a mobile number. We normally see an end of month payday boost – we think settling up for the extra socialising and trips away created by the long weekend played a big part in breaking the record.”

The August 2016 Paym Statistical Update is available to download here.