According to Paym, GBP 146 million has now been sent since Paym launched in April 2014, with the bulk of that being achieved in the final half of 2015.
The number of mobile phone numbers registered for Paym also continues to increase rapidly, with 624,420 people registering with their bank or building society in the second half of 2015. Overall, a total of 3.2 million people had registered for Paym with one of the 17 participating banks and building societies by the end of December 2015, with the vast majority of current accounts now able to offer this service.
The figures also noted a clear change in consumer behaviour, with the average transaction value of a Paym payment dipping below GBP 50 for the first time in the last three months of 2015 (GBP 49.48).
Paym notes that petrol money, splitting bills, paying for IOUs and covering other household costs continue to be some of the most popular reasons to use Paym, with almost a quarter of those surveyed saying theyve used the service for one of these reasons. Meanwhile, contributing to a group present was the single most popular reason for making such a payment for the first time, but the popularity of using the service to pay a small business is also increasing, with 13% of users having paid a small business using their mobile number.
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