Almost 2 million millennials will try to pay back friends with ‘old’ paper tenners

By | Press releases
  • The old paper tenner goes out of circulation from Thursday 1 March
  • One in twelve millennials will to try to use their old notes with friends
  • More people than ever are paying back friends using mobile payment services rather than cash

Almost 2 million millennials are hoping to pass on their old paper £10 notes by using them to pay back money that they owe their friends, according to a new survey published today (Thursday 1 March 2018) by Paym, the UK’s mobile payments service.

The paper £10 note has been replaced by the plastic ‘Jane Austen’ note, and goes out of circulation after Thursday 1 March, which means that paper £10 notes cannot be spent in shops and will only be exchanged by banks at their discretion. After the deadline, the only way to be sure to exchange the old paper notes is through the Bank of England, which will replace notes posted to them, or brought in in person, indefinitely.

According to the research, across the UK population as a whole, 1.95 million people (3% of respondents) would try to use their old £10 notes to settle IOUs with friends. Amazingly, they are almost all millennials – more than a million (1.22 million) are 18-24, with a further 600,000 people aged between 25-34.

The survey results also show that 10% of people will attempt to spend their old notes in shops, 44% will attempt to exchange their notes at a bank while, 1% say they will simply throw any old notes into the bin.

More than 40,000 tenners are now sent every month using Paym, the easy way to pay friends using just their mobile number. In total, more than 1 million individual £10 payments have been made using the service since it launched in 2014, with some of the most popular reasons to send money including paying back for a meal (15%) or chipping in for petrol money (18%) or bills (20%).

Craig Tillotson, Executive Chairman of Paym, said:

“Paper tenners go out of circulation after 1 March, so remember to spend them before then or exchange them at a bank. And if you want to go cashless that’s no problem either – Paym lets you pay back friends and family using just their mobile number, whether it’s for £10 or more.”

 

Stag and hen party organisers face financial hangover long after the party’s ended

By | Press releases

New research from Paym, the UK’s mobile payments service, has found that one third (33%) of stag and hen do organisers were not paid on time by party participants attending pre-wedding celebrations, with the average amount owed at almost £250.

Long gone are the days when stag and hen parties involved a night at the local pub with a bag of chips for dinner. Nowadays stag and hen dos can take a whole weekend to celebrate. In the past year, almost 1 in 5 (18%) people partied in Europe. For the rest, London was the most popular single UK destination for both stags (11%) and hens (5%).

As destinations have become more ambitious, the stag and hen do shopping list has become longer including items such as travel, accommodation, day and night activities, and last but not least, themed outfits. It comes as no surprise in that case that the average cost of a stag do per person is £140 with the average cost for a hen party coming in slightly more at £146… a lot of money if you’re having to pursue multiple partygoers for payment!

Average cost of a stag and hen do per person, by region:

  1. East and West Midlands – £151
  2. North West of England – £150
  3. South East and East of England – £149
  4. Greater London / North East of England / Scotland – £141
  5. Wales and West of England – £127

Chasing stag and hen party members for money is often a thankless task, especially once the fun’s over, but according to Paym’s survey, this may all depend on where you live. Guests from Scotland were least likely to pay on time for activity costs, whilst those from Greater London took the top spot for reliability when paying on time.

Who performs best for paying on time for stag and hen parties:

  1. Greater London – 78%
  2. North East of England / Yorkshire / Humberside – 73%
  3. North West of England / South East and East of England – 68%
  4. East and West Midlands – 51%
  5. Wales and West of England – 50%
  6. Scotland – 44%

It’s no coincidence therefore that stag and hen party revellers from Greater London were also found to have the greatest awareness of Paym (36%), the simple and secure way of making or receiving a payment using just a mobile number. Paym is already included in fifteen banks and building societies’ apps, so there’s nothing new to download to be able to use a phone number to pay straight from one bank account to another, and there’s no need for any sort codes or account numbers.

So one more important addition to the organiser’s ‘pre-do’ checklist is to make sure you’ve registered your mobile number with your bank to enable party participants to pay via Paym. You never know, next time you might just receive 100% of payments on time. To register now, go to: Paym.co.uk.

Craig Tillotson, Executive Chairman of Paym, said:

“Hen and stag parties have become a firm fixture of pre-wedding celebrations, and the pressure is on for organisers to please brides and grooms-to-be. Costs can mount, especially for those arranging travel and activities. But with mobile banking more popular than ever, there’s little reason why organisers should have to chase for payment from stag and hen party participants.

Paym enables more than 20 million customers of fifteen banks and building societies who use mobile banking to securely and quickly pay back friends, families and small businesses using just their mobile number.”

 

As a subtle reminder to stag and hen do revellers, Paym has launched a video showing how it can make or break a late payer’s pre-wedding celebration experience. An infographic illustrating the findings in this press release, is here.

For further information please contact:
Paym Press Office – 020 3217 8624, press@paym.org.uk / @Paymnow

Notes to Editors

2,600 adults aged 16+ were interviewed from 27 June to 6 July 2017 via Online Business Survey, undertaken by TNS, for this story.

Three’s a crowd: Brits don’t care for sharing when living with a couple

By | Press releases
  • Nine in 10 (87%) flatmates find living with a couple creates negative feelings when it comes to money

New research from Paym, the UK’s mobile payments service, has found almost nine in 10 (87%) flatmates believe living with a couple creates negative feelings, particularly when it comes to finances. And over a quarter (27%) state having to discuss finances with a couple is more awkward than in a more traditional flatshare.

While couples may be adopting a ‘what’s mine is yours’ approach, other not so loved-up housemates can end up feeling out of pocket with over a third (38%) saying that living with a couple makes dividing bills more complicated.

The research undertaken in partnership with Next Big Thing also reveals it’s not just renting couples who bear the brunt of disgruntled flatmates; “unofficial flatmates” such as partners and friends can also create discord and upset. One in five (18%) say they get annoyed by friends or partners who love to make themselves at home, but don’t contribute to the bills they have helped build. While one in 10 (11%) are bothered by flatmates who are at home during the day but don’t contribute more to utilities.

 

Bug bears of flatmate finances

Friends or partners who stay in the house but don’t contribute 18%
Having to pay for something you don’t use (e.g.TV sports package) 15%
People who never chip in for one-off payments (e.g. buying food for shared Sunday lunch ) 12%
Flatmates who stay at home during the day but don’t contribute more to utilities than others 11%

 

With over half of Brits (53%) using their mobiles to discuss finances with their flatmates, technology can also be used to help the payback process, ensuring the financial burden is balanced across singles, couples and guests – with minimal fuss and chasing. Paym allows you to pay back flatmates, friends and family at least £250 a day via your banking app using just their mobile number.

 

Craig Tillotson, Executive Chairman of Paym, said:

“Relationships between flatmates can be tricky but there is no need to let everyday finances be a reason to fall out. Our research shows 57% of Brits still use cash to pay back outstanding money, but as the UK increasingly becomes a more cashless and mobile nation, it’s time for flatmates to adopt more convenient payment methods.

“By using mobile numbers, which many of us know already or have in our contact list, Paym allows you to immediately pay back and be paid back the exact amount, without having to resort to running tabs, IOUs or arguments.”

 

To stop your flatshare turning frosty, Paym has put together some top tips on how to avoid financial fall outs:

Group chats – With over a quarter (26%) of flatmates finding the awkwardness of asking to be paid back for bills their biggest issue, group chats using mobile messenger services can be an easy way to broach the conversation without confronting or targeting one particular person.

Use Paym – As many flatmates are busy professionals, easy ways to quickly sort finances and admin can be a lifesaver. Paym allows you to instantly pay whoever you want, the exact amount you owe, using just their mobile number (which you’re almost certain to already have) meaning no need to swap and share lengthy sort codes and account numbers.

Create a calendar – A shared calendar to remind everyone when big bills are due means the responsibility isn’t left to one person.

Communal can be convivial – Don’t forget that sharing can be fun, why not try organising a weekly flat meal to get everyone together and enjoy the perks that come with sharing a home?

Flatmate Fallouts: The little things cause the biggest issues

By | Press releases

Over a third (36%) of PASS-ers (Professional and Still Sharing Generation) state small informal bills are the source of most conflict

As the price of housing soars and the sharing economy booms, professional flatshares are becoming the new norm for twenty and thirty somethings and have given rise to a new group of Brits: PASS-ers, Professional and Still Sharing. The sharing economy may sound harmonious, but a new report by Paym, the UK’s mobile payment service, has found one in 10 (13%) flatshares have broken up due to bickering over bills.

They say don’t sweat the small stuff, but the study found the source of most conflict in flatshares is the small, informal bills. Over a third (36%) state not being paid back for little things (such as bin bags and washing up liquid) is their biggest grievance.

Surprisingly, the research in partnership with Next Big Thing found that forgetting to pay back flatmates for more significant bills – such as rent and utilities – caused less upset with this only ranking as the third (25%) biggest issue up and down the UK.

 

Top five causes of flatmate fallouts:

 

Housemates not paying for little things (washing up liquid, bin bags) 36%
People taking food without permission 30%
Housemates not paying for the big bills 25%
The awkwardness of having to ask housemates to pay a bill 26%
Pettiness over who pays what 21%

 

These more informal and irregular costs may seem like small change but they can soon add up with over a third of house sharers (36%) losing out between £11-25 a month and almost a fifth (18%) losing over £100 or more a month.

They also come at an even higher emotional cost with a fifth (21%) of flatmates finding the “pettiness” surrounding these bills to be of the biggest bother and a fifth (20%) finding sorting finances creates tension and arguments.

Eventually, flatmates can pay even a higher price with over one in ten (13%) experiencing such tricky situations that a housemate has had to move out.

With over half of Brits (53%) using their mobiles to discuss finances with their flatmates, technology can also be used to help the payback process. Paym allows you to pay back flatmates, friends and family at least £250 a day using just their mobile number, ideal for sorting those bills both big and small.

 

Craig Tillotson, Executive Chairman of Paym, said:

“While paying for utilities and rent are the bills we rarely forget, our research shows it’s not these big bills that cause problems. Small items such as milk, bread and bin bags – that are often too insignificant to mention – are usually the cause of the greatest conflict for flatsharers in the UK, as these costs can add up surprisingly quickly”

 

“With 57% of Brits still using cash to pay back these sums, but the UK increasingly becoming a cashless and mobile nation, it’s time for flat sharers to adopt more convenient methods to pay one another back. Using just your mobile, Paym allows you to pay back and be paid back the exact amount to the penny, as soon as you need to, without having to resort to running tabs, IOU notes or arguments.”

 

To stop your flat share turning frosty, Paym has put together some top tips on how to avoid financial fall outs:

Group chats – With over a quarter (26%) of flatmates finding the awkwardness of asking housemates to be paid back for bills their biggest issue, group chats can be an easy way to broach the conversation without confronting or targeting one particular person.

Use Paym – As many flatsharers are busy professionals, easy ways to quickly sort finances and life admin can be a lifesaver. Paym allows you to instantly pay whoever you want the exact amount you owe, using just their mobile number (which you’re almost certain to already have) meaning no need to swap and share lengthy sort codes and account numbers.

Create a calendar – A shared calendar to remind everyone when big bills are due means the responsibility isn’t left to one person.

Communal can be convivial – Don’t forget that sharing can be fun, why not try organising a weekly flat meal to get everyone together and enjoy the perks that come with sharing a home.

 

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:

  1. 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.

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.

 

‘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.

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.