Paym Processes £44m in First Year

£44m has been sent via Paym in its first year of operation.

Launched by finance regulator the Payments Council in April 2014, Paym was created to enable transfers between UK bank accounts using just mobile phone numbers.

The latest figure represents significant acceleration in take up, with the payments council reporting £26m payments processed between its launch on 29th April 2014 and the end of 2014 in an eight month period. In just half that time in 2015 however, £18m was processed.

Paym is currently available through 16 banks and building societies, with 2.25 million customers' mobile numbers now registered to receive payments through the service.

Over 90% of UK current accounts are covered.

Research from Paym found 18-24 year olds are most likely to borrow and lend money among friends and family as part of managing their money.

Their research found that £100 is the largest amount most people feel comfortable paying.

Managing director of Paym, Craig Tillotson 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."

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