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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.

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