More than £300m sent using mobile numbers

By | Press releases
  • Paym reaches landmark in mobile payments since launch in 2014

Paym, the UK’s mobile payment service, has processed over £300m1 in transactions on the platform since its launch in April 2014. According to new figures published today, over 5.8 million transactions have been made without sort codes and account numbers to reach this milestone.

More than 3.5m mobile numbers are currently registered with their bank or building society in order to send and receive payments using Paym. The continued growth in Paym payments is being influenced by the increasing popularity of mobile banking. Figures published by Payments UK2 show a third of adults in the UK now regularly use a mobile banking app.

Craig Tillotson, Executive Chairman of Paym, said:

“With UK consumers becoming increasingly cashless and looking to embrace mobile technology in their day-to-day lives, it’s encouraging to see many people are taking advantage of Paym as a new way of paying. Having now passed the £300 million milestone, it’s clear the mobile revolution is in full swing and we expect this trend to continue to grow and transform the way we pay.”

The August Bank Holiday in particular proved to be a very busy day for Paym this year, as the holiday coincided with an end of month pay day, which encouraged people to send a record £1m in a single day. Over the entire Bank Holiday period, nearly £2.5m was sent straight to someone’s bank account using a mobile number.

According to research also published around the Bank Holiday weekend, chipping in for petrol money was the most popular reason to use Paym (21% of Paym users) – helping to fuel Bank Holiday trips away, as well as car sharing for those on the way to work. 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.

The August 2016 Paym Statistical Update is available to download from paym.co.uk/press-releases.

Find out how the Paym service works and how to register at paym.co.uk.

 

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

 

Notes to Editors:

  1. £300,408,914.45 have been sent using Paym between its launch in April 2014 to end of September 2016
  2.  UK Payment Markets 2016, published by Payments UK (June 2016). http://www.paymentsuk.org.uk/sites/default/files/publication-free/UK%20Payment%20Markets%20Summary%202016.pdf

 

What are you too scared to share? Brits would rather share their most personal secret than their sort code and account number

By | Press releases

To mark Halloween, the most frightening night of the year, Paym has delved deep into the fears of the nation to find out what people are scared to share. New research for the UK’s mobile payments service reveals sharing a sort code and account number is a scary prospect for three out of four Brits, with almost three quarters (74%) saying it makes them feel anxious.

Incredibly, it seems more people would be happy to share their most personal secret, with only half (50%) feeling anxious at the thought of revealing such intimate information. And while it may be a traditional taboo, Brits are also more relaxed about sharing their salary details – only 37% of people said they would be anxious revealing this information.

Britain’s top five secrets:

  1. Account number and sort code – 74%
  2. A personal secret – 50%
  3. Salary details – 37%
  4. Home address – 27%
  5. Secret fear – 27%

The good news for anyone who is anxious about disclosing their sort code and account number is that Paym makes it possible to send and receive payments straight to a bank account using just a mobile number.

The service has the added benefit of letting the person sending a payment verify the name of the recipient before they confirm, so they can check they have used the correct mobile number and are sending money to the right person. Paym is offered by seventeen banks and building societies, making it possible to send a payment to a mobile number from more than nine out of ten current accounts in the UK.

Unsurprisingly, people are most reluctant to share their sort code and account number with a stranger – only two per cent of people would be prepared to do so. However, the fear factor is not just limited to strangers – one in six (15%) would not share their sort code and account number with their closest friend and only 13% would share them with their closest family member.

For anyone that does not use Paym but does want to receive any other type of electronic payment, it is sometimes necessary to share a sort code and account number, as this is the information used to address the payment. But it is important to remember there is lots of financial information that you should NEVER share.

Take Five, the national anti-fraud campaign, has five top tips to stay safe from financial fraud:

  1. Never disclose security details, such as your PIN or full banking password
  2. Don’t assume an email, text or phone call is authentic
  3. Don’t be rushed – a genuine organisation won’t mind waiting
  4. Listen to your instincts – you know if something doesn’t feel right
  5. Stay in control – don’t panic and make a decision you’ll regret.

Craig Tillotson, Executive Chairman of Paym, said:

“It’s really important to think before you act if you’re asked for your personal or financial details, or to transfer money – and you should never disclose security details, such as your PIN or full banking password.

“For anyone that’s worried about sharing their sort code or account number, these days there’s no need. Paym makes it possible to get paid straight into your account using just your mobile number. No sort code, no account number, no problem – just go to your own bank and register your mobile phone number to receive payments via Paym, that way anyone who knows your mobile can pay you easily.”

 

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

Notes to Editors:
2,000 adults aged 18+ were surveyed from 11th to 14th October 2016 as part of an Omnibus survey conducted by Opinium for this story.