12.6 million people have fallen out with friends or family over money

By | Press releases

Unpaid IOUs leave more than just a hole in the lender’s pocket; they have ruined more than 12 million relationships across the country, according to new research from Paym.

29% of UK adults admit they have fallen out with friends or family over lending up to £100 that was not paid back. The findings reveal that blood isn’t necessarily thicker than water when it comes to keeping cool about unpaid IOUs – 14% of UK adults have encountered family fall outs compared to 15% who cut ties with a friend over money.

One in 10 (10%) colleagues across the country have fallen out over unpaid IOUs, and 9% of people admitted picking a fight with their partner about not paying money back.
The Welsh in particular are most likely to have fallen out with family (19%) and a partner (17%) over money, whereas Scottish (9%) people are most forgiving for forgotten IOUs.

It’s Pay Back Time

Nearly two out of five people (39%) admit they don’t always pay friends back, and one in 10 (10%) say they have avoided paying money back to family on purpose, followed by paying back a partner (7%) or close friend (6%).

Nearly one in three people (32%) even say they have waited more than a year to be paid back for an IOU – so what can the nation do to keep their friendships on track?

Craig Tillotson, Executive Chairman of Paym, said:
“Helping out friends and family is second nature for most of us, so it’s a shame that getting paid back isn’t always as easy as it should be.”

“If you’re owed money by a mate, why not register with your bank for the UK’s mobile payment service Paym? All they need to pay you back is your mobile number, so that’s one less excuse to worry about.”

Dr. Simon Moore, who led the team of psychologists at Innovation Bubble for the study, said:
“Britons face an internal battle between how they really feel about lending money and how to keep their relationships afloat. As money holds a status of power in western society, there is an emotive charge when money changes hands between family friends, even if it’s only for amounts of up to £100.

“It’s important for both the lender and the borrower to agree when IOUs are to be paid back so that neither party feel let down. From the interviews it was apparent that some people like to be reminded that they still owe money – as it can demonstrate that our friends are reliable and confident – things that we value socially.”

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 over £100m sent since the service launched in April 2014.

UK Map of Financial Fallouts

Download ‘UK Map of Financial Fallouts’ Infographic

Paym Infographic (July2016) - smaller

Video of Dr. Simon Moore discussing the emotional truth about IOU’s

              

 

ENDS

12.6 Million people – Number of UK adults aged 20 and over in the UK according to ONS data.   15% of 43,404,349 is 12,587,261.

 

For further information please contact:

  • Four Communications – 020 3697 4386, Paym@FourCommunications.com
  • Paym Press Office – 020 3217 8441, press@paym.org.uk / @paymnow

Notes to Editors:
Innovation Bubble conducted psychometric testing and research from 8-18th April 2016 for Paym amongst more than 600 British consumers.

About the Research
In order to test people’s’ psychological reactions and associations with borrowing money, Innovation Bubble deployed a bespoke psychometric test that differentiates between what people say ‘aloud’ (a conscious response) to what they think and feel ‘silently’ (a non-conscious response). What is known from decision making and cognitive psychology research is that it is non conscious drivers influence behaviour significantly more than conscious ones.

Capturing not only conscious associations and perceptions but also non conscious ones therefore enables us to understand what is really important to people and how they intend to act and truly feel about money lending.

What is Paym?

  • Paym is the UK’s mobile payments service. It’s a simple, secure way to send and receive payments directly to friends, family and small businesses using just a mobile number.
  • Paym is offered by seventeen banks and building societies, covering more than nine out of 10 current accounts. Over 40 million people are now able to register for Paym.
  • Paym 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.
  • Every time you send a payment, Paym lets you verify the name of the recipient before you confirm the payment, so you can check you’re sending money to the right person.
  • Registering your mobile number with your bank or building society is quick, easy and free. Information on how to register with each participating bank and building society is available from paym.co.uk/how-to-register
  • For more information go to www.paym.co.uk

Men are the more generous gender

By | Press releases
  • Men are more comfortable than women when lending money to others according to new psychometric testing for Paym

Caught short? You’re more likely to be lent money from a man in your life than any female friends according to research from Paym, the UK’s mobile payment service. Men feel more comfortable than women when lending money to their partner, friends and colleagues new psychometric testing reveals.

The research, carried out for Paym by psychologists at Innovation Bubble, found that men are significantly more comfortable lending money to the majority of their social groups:

  •  Lending money to friends: Nearly two thirds of men (63%) are happy to lend money to a close friend, compared to just more than half of women (52%)
  • Lending money to a partner: One in 10 women (10%) feel uncomfortable lending money to their partner, compared to just 4% of men
  • Lending money to colleagues: Men are twice as likely (21%) as women (11%) to feel comfortable lending money to colleagues.

However, the battle to be crowned Britain’s most generous gender evens out as both women (70%) and men (68%) feel comfortable lending money to their family.

Dr. Simon Moore from Innovation Bubble who led the team of psychologists said:

“The psychometric testing looked at how people initially feel about lending money to their nearest and dearest, and compared this against their true emotions. The findings show a clear difference between how comfortable men and women feel about lending money to others, apart from when it comes to their families. This could be driven by a desire for males to demonstrate ‘success and status’ by being visibly comfortable when sharing their wealth, thus indicating how successful they are.”

Overall, women are twice as anxious (16%) as men (8%) when asking for money back and nearly one in four (24%) are embarrassed compared with 18% of men.

Craig Tillotson, Executive Chairman for Paym, said:

“Paym is the UK’s mobile payment service that enables people to send money to their nearest and dearest using just their mobile number. With payments able to be sent so quickly and easily, any IOUs can be settled there and then so there’s no need to feel awkward or embarrassed about asking for money back.”

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 over £100m sent since the service launched in April 2014.

ENDS

To download a copy of this press release please click here

For further information please contact:
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:

Innovation Bubble conducted psychometric testing and research from 8-18th April 2016 for Paym amongst more than 600 British consumers.

About the Research

1) In order to test people’s’ psychological reactions and associations with borrowing money, Innovation Bubble deployed a bespoke psychometric test that differentiates between what people say ‘aloud’ (a conscious response) to what they think and feel ‘silently’ (a non-conscious response). What is known from decision making and cognitive psychology research is that it is non conscious drivers influence behaviour significantly more than conscious ones.

Capturing not only conscious associations and perceptions but also non conscious ones therefore enables us to understand what is really important to people and how they intend to act and truly feel about money lending.

What is Paym?
  • Paym is the UK’s mobile payments service. It’s a simple, secure way to send and receive payments directly to friends, family and small businesses using just a mobile number.
  • Paym is offered by seventeen banks and building societies, covering more than nine out of 10 current accounts. Over 40 million people are now able to register for Paym.
  • Paym 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.
  • Every time you send a payment, Paym lets you verify the name of the recipient before you confirm the payment, so you can check you’re sending money to the right person.
  • Registering your mobile number with your bank or building society is quick, easy and free. Information on how to register with each participating bank and building society is available from paym.co.uk/how-to-register
  • For more information go to www.paym.co.uk

Owing mates money makes Brits play up politeness

By | Press releases
  • Psychometric testing reveals people exaggerate their politeness when borrowing money in social situations to maintain relationships

Brits’ natural politeness means they display exaggerated gratitude when borrowing money from their partner, family, friends or colleagues to avoid causing upset or offence according to new research for Paym, the UK’s mobile payment service.

The research used psychometric testing to reveal that people are typically more comfortable borrowing money from friends and family than they let on. Nearly half (49%) of those tested expressed gratitude when borrowing £20 from their partner or family member, when really only one in seven (16%) felt truly grateful.

Paym, the easy way to send money using just a mobile number, commissioned a team of psychologists at Innovation Bubble to discover the difference between what people say, and what they feel1  when it comes to money changing hands with friends and family. Brits are keen to appear grateful, and will discuss feeling guilty or uncomfortable when it comes to borrowing money, however their true emotions show they are far more relaxed about around money changing hands between friends and family.

A “Gratitude Scale” shows that as the amount borrowed increases, so does the extent of the borrower’s emotional honesty when they borrow money from friends or family:

chart

Borrowers are also motivated to pay the money back as they feel a range of negative emotions including guilt (19%) and awkwardness (20%).

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.
An underlying feeling of awkwardness can also be seen amongst some people who lend the money too – one in five (21%) admit they feel embarrassed about wanting to be paid back. However the level of embarrassment can be affected depending on the money has been lent to – respondents predominantly claimed ‘not to be bothered’ if owed money by a partner (56%) or family member (34%), whereas embarrassment is the lead emotion when owed money by a close friend (30%) or colleague (27%).

Craig Tillotson, Executive Chairman of Paym, said:

“Whether you’ve borrowed a fiver from a friend, or fifty quid from your family, our research shows it can cause awkwardness – no matter how polite a front you put on. Paym makes repaying friends and family quick, easy and simple – all you need is their mobile number.”

Dr. Simon Moore from Innovation Bubble who led the Paym study comments:

“Britons exaggerate their natural politeness to ease the emotions around borrowing money from friends and family. Politeness is a learned communication behaviour that exists to maintain relationships and social bonds. Being polite psychologically tells those closest to us that we appreciate them and that we are respectful of them – which in turn encourages them to like us. As a result there is an internal battle for how to behave when borrowing money from family and friends, but that maintaining great relationships is what matters most.”

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 over £100m sent since the service launched in April 2014.

ENDS

To download a copy of this press release please click here.

For further information please contact:
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:

Innovation Bubble conducted psychometric testing and research from 8-18th April 2016 for Paym amongst more than 600 British consumers.

About the Research

1) In order to test people’s’ psychological reactions and associations with borrowing money, Innovation Bubble deployed a bespoke psychometric test that differentiates between what people say ‘aloud’ (a conscious response) to what they think and feel ‘silently’ (a non-conscious response). What is known from decision making and cognitive psychology research is that it is non conscious drivers influence behaviour significantly more than conscious ones.

Capturing not only conscious associations and perceptions but also non conscious ones therefore enables us to understand what is really important to people and how they intend to act and truly feel about money lending.

What is Paym?
  • Paym is the UK’s mobile payments service. It’s a simple, secure way to send and receive payments directly to friends, family and small businesses using just a mobile number.
  • Paym is offered by seventeen banks and building societies, covering more than nine out of 10 current accounts. Over 40 million people are now able to register for Paym.
  • Paym 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.
  • Every time you send a payment, Paym lets you verify the name of the recipient before you confirm the payment, so you can check you’re sending money to the right person.
  • Registering your mobile number with your bank or building society is quick, easy and free. Information on how to register with each participating bank and building society is available from paym.co.uk/how-to-register
  • For more information go to www.paym.co.uk

Usage of service nearly doubling every 6 months

By | Press releases
  • £146m sent since Paym launched, with more money sent since July 2015 than in the whole of the previous year.

Mobile payments are continuing to increase in popularity according to new figures published today (Tuesday 9 February 2016) by Paym, the easy way to send money using just a mobile number.

The number of Paym payments sent is almost doubling every six months, with 1.46m payments sent in the second half of 2015 compared to 774,628 in the first six months – an increase of 89%.

More than £146m has been sent using Paym since the service launched in April 2014, with more money sent in the last six months of 2015 than in the previous twelve months(1). The average transaction value of a Paym payment dipped below £50 for the first time in the last three months of 2015, with £49.48 being sent on average, suggesting a move towards the service being used more often for smaller, everyday amounts.

Paym transactions – volume and value
Volume % Change Value % Change
July – Dec 2014 431,069 £23,241,596
Jan – Jun 2015 774,628 +79% £44,006,817 +89%
July – Dec 2015 1,464,508 +89% £76,248,526 +73%

The number of mobile phone numbers registered for Paym also continues to increase strongly, with 624,420 people registering with their bank or building society in the second half of 2015. A total of 3.2 million people(2) had registered for Paym with one of the 17 participating banks and building societies by the end of December 2015.

The latest research also sheds some light on the demographic and behavioural patterns of Paym users, with men much more active when it comes to sending payments. It seems the vast majority (68%) of Paym payments are sent by men; this compares with a much more even gender split amongst people who have registered to receive payments – 56% of the mobile numbers registered for Paym belong to men, compared to 44% for women.

Petrol money, splitting bills, IOUs and other household costs remain amongst the most popular reasons to use Paym, with almost a quarter of users saying they have used Paym for one of these reasons. Contributing to a group present was the single most popular reason for making a Paym payment for the first time – perhaps indicating the growing popularity of buying Christmas gifts in this way. The popularity of using Paym to pay a small business is also increasing – 13% of people who use Paym have paid a small business using their mobile number.

Craig Tillotson, Chairman of Paym, said:

“Paym makes settling up with friends, family and even small businesses easy – all you need is their mobile number, so it’s no wonder the service is becoming more popular.

“More Paym payments were made in the last six months than the whole previous year, so it seems plenty of people have cottoned on to using their contacts for more than calls and texts. Paym means all you need is a mobile number to securely send payments straight to another bank account whenever and where you want, using your own bank’s app.”

More than 40 million customers representing over nine out of 10 current accounts are able to register for Paym. Find out how the service works and how to register at paym.co.uk. The February 2016 Paym Statistical Update is available to download from paym.co.uk/press-releases.

ENDS

To download a copy of this press release please click here.

For further information please contact:
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. £76,248,526 was sent using Paym from 1 July – 31 December 2015, compared to £67,248,413 sent between 1 July 2014 – 31 June 2015, an increase of 134%.
  2. 3,239,379 mobile numbers were registered on the Paym database, as of the end of the day on 31st December 215.

TNS online survey conducted amongst 2,532 UK adults aged 16+ between 21st and 28th January 2016. The sample has been weighted to represent the adult population of United Kingdom 18+.

What is Paym?
  • Paym (pronounced “Pay Em”) is a simple, secure way to send and receive payments directly to a current account using just a mobile number. Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours.
  • Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place.
  • More than 40 million customers are now able to register for Paym – representing over nine out of 10 current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.
  • Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.
  • Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.

Festive Plans Mum’s The Word

By | Press releases
  • Group gifts and seasonal shindigs organised, sorted and paid for by mums
  • Young people more likely to view buying group gifts as ‘a tradition’

Mums across the UK are stepping up to the role of Santa’s Little Helper this Christmas by taking the role of organiser for the family’s group gifts and parties. Nearly a third (27%) of all Christmas group events and gifts will be organised by a Mum, followed by 17% of sisters taking the lead this yuletide season, according to new research from Paym, the easy way to pay friends and family using a mobile number.

Just one in 10 (13%) of Dads summon their inner-Santa to organise group activities or gifts, and only 8% of brothers will take on the mantle – leaving this Christmas organised by the women in the household.

The majority of these female ‘Festive Fairies’ take on the organising role because they enjoy taking the lead (70%) although 27% do it because they feel no-one else will. A further four per cent don’t trust anyone else to get it done.

‘Tis the season for group gifting

Younger age groups (18-34 year olds) are the most likely (39%) to club together as a group for Christmas gifts, whereas only 9% of over 55s participate in group gifts. Mum will be rewarded for her efforts on Christmas day as the most likely person to receive a joint gift (42%) whereas the family is less likely to club together for dad’s gift (28%), or the children (24%).

The most common reason for arranging a joint present is to buy a better, more expensive gift – 59% of group gift buyers say that’s why they do it. And buying presents in this way looks like a trend that is here to stay – almost twice as many 18-34 year olds view buying group gifts as ‘a tradition’, when compared to over 55s (38% of 18-34s vs 22% of over 55s).

Do we help Santa’s Little Helpers?

Unfortunately it seems that the effort put in by the Christmas organisers sometimes goes unrecognised – just 40% of those organising gifts and events for others get paid back on time. In fact only half of festive organisers (51%) receive all the money back that they are owed. Paym can help – more than 3 million people have now registered to get payments straight into their bank account using just their mobile number, with the number of payments per month doubling since April.

Craig Tillotson, Chairman of Paym, said:

“Group gifts seem to be a big part of how we celebrate Christmas now, with mums taking on more than their share of the organising duties. Paym is an easy way to show you appreciate the organiser in your family by getting money straight into their account using their mobile number. There’s no sort code or account number required and they get a notification from their bank as soon as the money arrives.”

The Paym research also found:

  • Londoners are the most likely to take part in a group gift this Christmas (51%).
  • Although most people (68%) say they pay back the organiser straight away, only 40% of those who organise gifts or events feel they’re paid back on time.
  • More than one in 10 (11%) pay back more than they owe to thank the organiser for sorting out festive plans and presents.

More than 40 million customers are now able to register for Paym – representing over nine out of 10 current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.

For more information and to find out how to register, visit www.paym.co.uk

ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:

Paym conducted a national representative survey of 2,003 UK adults from 13 to 17 November 2015 in partnership with independent research agency, Opinium.

What is Paym?

Paym is a simple, secure way to send and receive payments directly to a current account using just a mobile number.

Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours. Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right person.

Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.

Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.

Not All Fun And Games – Social Organisers Hit By Late Payers

By | Press releases
  • Britons pay nearly £100 a month for football, book clubs and other activities but nearly two thirds (61%) of group organisers are left chasing payments
  • Football is the most popular group activity – Paym announces partnership with Lucozade Powerleague to help teammates split the bill

Selfless team captains and social secretaries are being left out of pocket across the country, with over half of organisers (61%) left chasing late payments according to new research from Paym, the easy way to pay friends and family using a mobile number.

Almost 4 in 10 Britons (39%) take part in some form of club or society, spending a typical £1,182 each per year, with football the most popular activity for men and book clubs having the highest female participation. Yet this thriving social scene is being put a risk due to the headaches faced by the people freely giving up their time to organise things – only one in eight people (13%) say they currently organise a group, compared to one in three (33%) who have done so in the past.

Chasing up payments could be the last straw for these organisers, as they also feel the pressure on their free time (29%) and struggle to meet popular demand from those wanting to join (17%).

Not all fun and games…
Top non-financial headaches for organisers
It takes too much time 29%
Not enough people commit to run the club / society 24%
It was hard to find a time that suited everyone 21%
Suitable (and affordable) venues were hard to find 20%
More people wanted to join than we had space for 17%

Simply forgetting to pay is admitted by one in 10 (10%) people who pay for a group activity, while a further two in 10 (19%) say they regularly have to stump up for someone else that has forgotten to pay their share on time.

Craig Tillotson, Managing Director of Paym, said:

“Millions of people across the country give up their time to organise group activities from football to book clubs, and chasing up payments can be very time consuming. Paym can help as it makes it possible to pay someone using just their mobile number – what could be easier when you need to pay your share of pitch fees for football or into the kitty for the book club?”

With football ranked the most popular group activity in the country, Paym has teamed up with Lucozade Powerleague, the biggest 5-a-side football league in the country to boot out excuses for not paying teammates on time for pitch bookings or post-match pints.

Caspar Nelson, Brand Director, Lucozade Powerleague:

“Nothing beats a bit of five-a-side with your mates – so it’s no surprise it’s the country’s most popular and fastest growing sport. Yet none of it would be possible without the people who organise the games, so we’re delighted to team up with Paym to tackle the tricky wingers that don’t stump up their share of the subs on time – what could be easier than sending your mate money using their mobile number?”

More than 90 per cent of UK current account holders can register for Paym with their bank or building society and receive money straight into their account securely using their mobile number – no sort codes or account numbers needed. Sending money is easy too, customers just use their bank’s usual secure app to select a friend’s mobile number from their contacts and confirm the payment to be sent straight away.

Since Paym launched in April 2014, over 3 million people have registered their mobile number with one of the 17 participating banks and building societies, with almost £75m sent.

The demand for club organisers only looks set to increase next year, as half (51%) of people surveyed tempted to start a new activity, with film and book clubs topping the list, followed by swimming, languages and dance. The key reasons given for joining a club are to meet new people (38%), relax (36%), stimulate the mind (34%), or learn something new (29%).

For organisers looking to set up their 2016 club now, visit paym.co.uk to find out how to make chasing payments a thing of the past.

What is Paym?
  • It’s a simple, secure way to send and receive payments directly to a current account using just a mobile number.
  • Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours.
  • Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place.
  • More than 40 million customers are now able to register for Paym – representing over nine out of 10 current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.
ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:

Paym conducted a national representative survey of 2,002 UK adults from 16th – 20th October 2015 in partnership with independent research agency, Opinium. 8% of male respondents took part in football clubs in 2015, with 4% of female respondents participating in a book club.

About Paym?
  • Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK
  • The Paym service is currently free to use for personal customers of all participating account providers, although any usual banking, internet and mobile data charges that customers already pay will still apply. Pricing is a competitive decision for each participating bank and building society, so it is important to contact them directly or check account terms and conditions for full details.
  • Money is transferred using the same systems already used to transfer account funds, Faster Payments and LINK, so the service benefits from the same high level of legal protection as existing electronic payments, through the Payment Services Regulations.
  • The service has security measures such as password activation, mobile number verification and confirmation requests as standard, and participating banks and building societies have all signed up to a security code of conduct to protect the service from fraudulent activity.
  • Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.
  • Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.
About Lucozade Powerleague
  • Powerleague was acquired by Patron Capital Partners in late 2009.
  • Powerleague is the UK’s largest premier five-a-side football centre operator.
  • Powerleague centres have over 8 million customer visits per annum.
  • Powerleague provides over 500 divisions around the country and over 5,000 league teams
  • Its portfolio of 48 sites includes the 23 pitch Old Trafford Soccerdome, the largest five-a-side football centre in the world.
  • Powerleague provides state-of-the-art facilities ideally suited to corporate hospitality events which can be heavily branded to suit sponsorship partners.
  • Further information on Lucozade Powerleague is available at www.powerleague.co.uk
About Lucozade Powerleague and the Paym competition

Paym is giving one lucky Lucozade Powerleague Twitter or Facebook follower the opportunity to win a pair of Beats by Dr. Dre Headphones. To be in with a chance winning followers simply have to follow @powerleagueUK and retweet the competition post. Follow @powerleagueUK to find out more. Terms and Conditions Apply.

Weekday use leads growth in mobile payments

By | Press releases
  • Second Paym statistical update reveals more than 1.25m payments worth £70 million have been processed since launch
  • Petrol money, bills and IOUs are now more popular reasons to use the service, with more payments happening on weekdays

Weekday money management is the fastest growing use of mobile payments according to new figures released today (Wednesday 12 August 2015) by Paym, the easy way to send money using just a mobile number.

Statistics covering the first half of 2015 reveal that weekdays accounted for almost three quarters (73.7%) of Paym payments. This is a marked increase from the previous six months, when weekdays only accounted for just over two out of three payments (68.6%).

More than three quarters of a million payments (774,628) were sent in the first half of 2015 – an increase of 80% compared to the previous six months. In total, more than 1.25m payments worth £70 million have now been sent since the service launched in April 2014.

The new analysis from Paym finds that people are increasingly using the service to pay back immediate family for money owed for petrol (25%), bills (22%) and household costs (19%) – an interesting change from January 2015 when mobile-to-mobile payments were mainly being used to settle up for socialising.

Top five reasons for using Paym
January 2015 August 2015
Lunch or dinner (20%) Petrol money (25%)
A small meal e.g. sandwich (19%) Helping with bills (22%)
Cinema, theatre or concert tickets (16%) Paying back an IOU (22%)
Petrol money (15%) Household costs (19%)
Group or joint presents (15%) Lunch or dinner (19%)

As of the end of June 2015, 2.6million people have registered for Paym with one of the 17 participating banks and building societies, which cover more than nine out of ten current accounts. There has also been a slight shift in the age of people who are registered – 35-64 year olds now account for 39% of registrations, up from 35% in January 2015.

Craig Tillotson, Managing Director of Paym, said:

“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.

“We believe the sheer simplicity of using someone’s mobile number to pay them back means Paym will go from strength to strength. 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.”

What is Paym?
  • It’s a simple, secure way to send and receive payments directly to a current account using just a mobile number.
  • Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours.
  • Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place.
  • More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.

To find out more about Paym, visit paym.co.uk.

ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. 2,614,958 mobile numbers were registered on the Paym database, as of 30th June 2015.
  2. Total value of payments initiated through Paym from April 2014 – May 2015= £70,002,967.

TNS online survey conducted amongst 2,492 UK adults aged 16+ between 9th and 15th June 2015.

The August 2015 issue of the Paym statistical update is available on request and can be downloaded from www.paym.co.uk/press-releases from Wednesday 12 August.

About Paym
  • Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK
  • The Paym service is currently free to use for personal customers of all participating account providers, although any usual banking, internet and mobile data charges that customers already pay will still apply. Pricing is a competitive decision for each participating bank and building society, so it is important to contact them directly or check account terms and conditions for full details.
  • Money is transferred using the same systems already used to transfer account funds, Faster Payments and LINK, so the service benefits from the same high level of legal protection as existing electronic payments, through the Payment Services Regulations.
  • The service has security measures such as password activation, mobile number verification and confirmation requests as standard, and participating banks and building societies have all signed up to a security code of conduct to protect the service from fraudulent activity.
  • Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.
  • Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.

Dash for cash leaves self-employed workers chasing £200 a month in late payments

By | Press releases
  • 44% of customers have had to dash to a cash machine to get money to pay
  • Sole traders chase an average of £208 at the end of the month, with 30% of them saying they stopped supplying a customer due to consistent late payment
  • Customers with no cash on them can now pay small businesses using just the small business’ mobile number

The self-employed workers who keep Britain’s houses clean, tidy and well-maintained are among those owed £208 in an average month by customers who don’t have cash in hand to settle bills.

This means that the UK’s sole traders – including many cleaners, decorators and gardeners – are chasing nearly a fifth (18%) of their earned cash income each month, significantly impacting their cash flow and forcing them to spend time recovering debts. The figure rises to £1,846 for other small businesses with between one and nine employees.

Despite having the best intentions (86% of us agree that paying small businesses on time is important and 57% would prefer to pay by cash) 28% of us regularly have to dust off cheque books, make a dash to the cash machine (44%) or simply pay late (17%).

But the dash of shame to the cash machine to get money to pay Britain’s one man bands – or the red-faced “I’ll have to pay you next time” – could soon be a thing of the past. Paym, the easy way to pay small bills, friends and family using just a mobile number, is available to more than 90 per cent of UK current account holders – and tradespeople can get paid straight to the number on their business card.

Craig Tillotson, Managing Director of Paym said:

“Window cleaners, gardeners and decorators are facing challenges from well-meaning customers who often don’t have the cash on them to pay there and then. Paym is an easy alternative to accepting debit and credit cards which we know many of these types of business resist because they find them expensive1 or inconvenient2. It will be a massive help with time-poor customers.

“We know that many small businesses rely on their mobile to run their business – and Paym makes it possible to use that vital phone number to easily accept payments. We’re urging businesses and self-employed people to sign up today and to spread the word amongst their customers – it should help both parties avoid awkward situations or inconvenient trips to the bank.”

Paym in action – case study
  • Tim Sutton is a sports therapist who offers massage and treatments that cost roughly around £30 per session. He currently has 1,500 customers on his database, treating around 30 people a week. The summer period is a busy time for Tim as more people venture outside for sporting activities.
  • He has been using Paym for nearly a year, originally for personal use but has now introduced it to his business. As a small business Tim used to only accept cash or cheques, not wanting to invest in and carry around a card machine.
  • Tim is a huge fan of Paym, he says: “‘Paym is perfect for my business and customers. Not only does it save me multiple trips to the bank, there’s no need to carry around handfuls of cash. It is quick and easy to use and my clients now only need to know my phone number.”
  • Payments are made through Faster Payments or LINK at the same speeds as existing current account, online, and mobile payments – most payments arrive in seconds.

The research from Paym also looked at how we as a nation rely on self-employed people such as our window cleaners and electricians, and how much we pay them for their services:

Top 10 types of sole traders used in the last year and how much we pay them in cash
Sole trader employed % of population who have used in last year Mean average of £ cash spent in last year
Window cleaner 28% £72
Plumber 20% £154
Heating engineer / gas fitter 19% £175
Car washer 18% £49
Electrician 15% £141
Home improvement / builder 13% £354
Mobile hair dresser 11% £99
Gardener / landscaper 10% £185
Beautician 10% £122
Odd job person 9% £122
What is Paym?
  • Paym is available on more than nine out of ten current accounts – more than 40 million customers of 17 banks and building societies can register for Paym.
  • Paym is an easy, secure way to send and receive payments to a current account using just a mobile number.
  • Paym means there is no need to ask for other people’s sort code or account number, or tell them yours.
  • Anyone using Paym to send money can check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place.
Other key findings from the research:
  • Young people (18 to 34-year-olds) are the most likely to make the dash for cash; more than half (56%) have done it in the last year, compared to just one in three (33%) of those aged over 55.
  • One in six (17%) have paid a small business late because they didn’t have cash on them – which rises to 26% of those aged 18 to 34.
  • 23% of sole traders have given up chasing a payment and 30% of sole traders have stopped supplying a customer due to consistent late payment.
ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. 35% for debit cards, 39% for credit cards
  2. 48% for both debit and credit cards
About the research:

Opinium polled a nationally representative sample of 2,004 UK adults aged 18+ between 29 May and 3 June 2015 and 607 SME senior decision makers, excluding retailers, including 203 sole traders and 204 businesses with one to nine employees between 29 May and 7 June 2015.

More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Isle of Man Bank, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, Ulster Bank and Yorkshire Bank are able to send and receive Paym payments. RBS customers are able to receive Paym payments with the ability to send payments coming soon for these customers.

Customers register their mobile number directly with their participating bank or building society, and decide which current account they want to receive payments to. Further information, and details of how the service works are available on paym.co.uk

Mobile payment adopters driving ‘sharing economy’ trends

By | Press releases
  • Paym celebrates its first anniversary; nearly £44m sent in the last 12 months
  • Mobile payment adopters four times more likely to be happy sharing money with friends and family
  • Nationwide Building Society set to join service in May

People who use mobile banking are four times more likely to be happy sharing money with friends and family, according to new research from Paym, the easy way to pay using just a mobile number.

Marking the first anniversary of its launch on 29th April 2014, Paym has already processed nearly £44 million of payments. Paym is available through 16 banks and building societies covering more than 90% of UK current accounts, with 2.25 million customers’ mobile numbers now registered to receive payments through the service. The Paym service is growing further still – Nationwide Building Society will join in May.

Attitudes to sharing money with friends and family are shifting. At launch, Paym revealed reluctance among UK consumers to self-identify as a borrower of money from others, with only one in eight (12%) people willing to do so. This figure has increased 33% in the last year, with one in six (16%) now happy to say they use IOUs with friends and family as an easy way to share costs.

The most recent survey also revealed that users of mobile payment services are far more open to sharing money with others – 58% are happy to, compared with 15% of all adults.

Paym users Overall
Agree that sharing money is a sign of true friendship 83% 53%
Think it’s nice to be able to share money with people and don’t mind doing it 81% 37%
Share money without feeling need to agree payback date 69% 42%
Happy to share money with friends and family 58% 15%
Would ask to share cost for group activity and payback later 58% 15%
Overall, try to avoid lending money to other people 19% 63%

The growth of Paym and increased willingness to share money with friends and family comes against the backdrop of the rise of the sharing economy. Internet-based companies enabling services such as car sharing, house rental and even pet sharing are starting to take off – a report for innovation charity Nesta1 found 25 per cent of UK adults used internet technologies to share assets/resources over the last year.

Craig Tillotson, Managing Director of Paym said:

“Advances in technology are making sharing easier than ever – Paym means you can pay back friends and family using just their mobile number.

“We’re using our mobiles more than ever – and not just for phone calls. When you add this trend to the wider growth in the sharing economy, mobile payments look set to be a real growth area over coming years.”

The most up-to-date analysis (29 April 2014 to 30 March 2015) of Paym statistics show:

  • 2.25million registered users
  • Nearly £44million transferred
  • Average Paym transaction value is £55
  • Friday and Saturday are the most popular days for payments.

Paym found 18 to 24-year-olds are most likely to borrow and lend money among friends and family as a regular part of managing their money. They transfer money every few weeks for drinks (51%), food (40%) or transport costs (31%). Over half (51%) of workers and colleagues collate IOUs purchasing coffees and lunch for each other.

There is an agreed etiquette about sharing money, with £100 deemed the largest amount most people feel comfortable sharing. Three quarters (74%) say that the reason for borrowing money should always be explained and they also have the right to turn down a request for money if they do not approve of what it is for (77%).

ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. Nesta: Making Sense of the UK Collaborative Economy (September 2014) http://www.nesta.org.uk/publications/making-sense-uk-collaborative-economy

More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander, TSB and Yorkshire Bank are able to send and receive Paym payments.

Customers register their mobile number directly with their participating bank or building society, and decide which current account they want to receive payments to. Further information, and details of how the service works are available on paym.co.uk

Isle of Man Bank, NatWest, RBS and Ulster Bank customers are able to receive Paym payments with the ability to send payments coming for these customers from the middle of 2015. Nationwide Building Society is joining in May 2015.

What is Paym?
  • Paym is an easy, secure way to send and receive payments to a current account using just a mobile number
  • Paym means there is no need to ask for other people’s sort code or account number, or tell them yours
  • Anyone using Paym to send money can check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place
  • Paym is offered to customers by participating UK banks & building societies
  • Payments are made through Faster Payments or LINK at the same speeds as existing current account, online, and mobile payments

£26m Already Transferred Via Paym in 2014

By | Press releases
  • Nearly two million people now registered to receive payments through Paym
  • 85% of people who have used Paym would recommend it
  • Almost half of all Paym payments are sent on Friday, Saturday or Sunday

More than £26million(1) has been sent using Paym, the simple and secure way to pay using just a mobile number, since its launch on 29th April 2014.

The research found that 85% of people who have used Paym would recommend it to others, and the benefits of being able to pay friends and family securely on a mobile phone are widely acknowledged amongst consumers. Nearly two million people(2) have now registered with their participating bank or building society to receive payments into their bank account using just their mobile number.

The figures are revealed in the first Paym statistical update, which includes a survey of consumer attitudes to mobile payments. Two thirds (66%) of the UK population are aware of mobile payments, with more than half (52%) of those with knowledge of mobile payments aware of Paym.

Use of Paym peaks over the weekend. A snapshot of data from November 2014 reveals Friday, Saturday and Sunday account for 49% of Paym payments, with the three hours between 6-9pm being the most popular time for using the service.

So far, Paym is most commonly used to pay back a close friend (21%), followed by a partner (19%), parents (19%), or child (13%). The consumer attitudes survey also found that the top five reasons for using Paym are:

  1. Paying someone back for lunch, dinner or a sandwich (30%)
  2. Paying someone back for a cinema or concert ticket (16%)
  3. Paying someone for petrol money (15%)
  4. Contributing for group presents (15%)
  5. Paying for a club membership (15%).

Consumers identified the benefits of mobile payments as:

  • Not having to give account details out to others (28%)
  • Not having to carry cash around (24%)
  • Easier to use a mobile number rather than a bank account and sort code (24%)
  • Fewer trips to the cash machine (24%)
  • Easier to receive payments overall (22%).

Craig Tillotson, Managing Director of Paym, said:

“More people are using Paym every day – nine out of ten current account holders can now register to receive payments using just their mobile number. ‘It’s still early days for the service, but people seem to find Paym most useful at the weekend – almost half of payments are made between Friday and Sunday. Paym means securely settling up with friends and family for weekend fun has never been easier – no sort codes, no account numbers and no cash needed.”

What is Paym?
  • It’s a simple, secure way to send and receive payments directly to a current account using just a mobile number
  • Paym means there is no need to ask for other people’s sort code or account numbers, or to tell them yours
  • Anyone using Paym to send money is able to check the name of the recipient before confirming the payment, so they can be sure they’re sending it to the right place
  • More than 40 million customers are now able to register for Paym – representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander, TSB and Yorkshire Bank are able to send and receive Paym payments
  • Isle of Man Bank, NatWest, RBS and Ulster Bank customers are able to receive Paym payments with the ability to send payments coming for these customers from the middle of 2015. Metro Bank, Nationwide Building Society and Tesco Bank also planning to join the service.

To find out more about Paym, visit paym.co.uk.

ENDS

To download a copy of this press release please click here.

For further information please contact:
Consolidated PR – 020 3697 4386 paym@consolidatedpr.com
Paym Press Office – 020 3217 8441/ 8251/ 8316/ 8368.
press@paym.org.uk @paymnow

Notes to Editors:
  1. Total value of payments initiated through Paym in 2014 = £26,016,151.70.
  2. 1,851,612 mobile numbers were registered on the Paym database, as of 31st December 2014.

TNS online survey conducted amongst 2,499 GB adults aged 16+ between 18th December 2014 and 8th January 2015.

The January 2015 issue of the Paym statistical update is available on request and can be downloaded from paym.co.uk from Saturday 31st January.

About Paym
  • Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK
  • The Paym service is currently free to use for personal customers of all participating account providers, although any usual banking, internet and mobile data charges that customers already pay will still apply. Pricing is a competitive decision for each participating bank and building society, so it is important to contact them directly or check account terms and conditions for full details.
  • Money is transferred using the same systems already used to transfer account funds, Faster Payments and LINK, so the service benefits from the same high level of legal protection as existing electronic payments, through the Payment Services Regulations.
  • The service has security measures such as password activation, mobile number verification and confirmation requests as standard, and participating banks and building societies have all signed up to a security code of conduct to protect the service from fraudulent activity.
  • Paym is run by the Mobile Payments Service Company Limited (MPSCo), a company limited by guarantee. The participants in MPSCo are made up of the Payment Service Providers that offer the Paym service directly to their customers.
  • Paym is a trademark, registered with the Intellectual Property Office (IPO). Pronounced “Pay Em”, the name should be written as Paym, with a capital ‘P’, lower case ‘m’ and no space.