PayM mobile

PayM Has a £6.5 Million Spend in First 100 Days

PayM mobile

Over one million users have registered for PayM

PayM, the mobile payments initiative from The Payments Council, has only been available to consumers for just over 100 days and already it’s gained an impressive statistics sheet.

Customers of the Bank of Scotland, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander, and TSB have sent and received payments totalling just over £6.5 million by using PayM.

“It’s hugely encouraging that one million people have chosen to register for Paym already, but this milestone only marks the start of growth in the service,” said Jemma Smith, director of communications & education at the Payments Council.

This underpins PayM’s ambitions to expand further this year and encompass more than nine out of ten current account holders.

Research also shows that there’s increased consumer awareness and confidence in mobile payment services in general. Since launch, awareness in mobile payment services has jumped 30 per cent, to 75 per cent, in just a week of the service being launched. And, from the 2000 surveyed, 65 per cent of those who are already using PayM believe that it is a safe and secure way to transfer money.

“I think that securely paying back friends and family using just their mobile number will become second nature – and we’ll wonder why we ever did anything else,” says Smith. “The next big step forward is more banks and building societies joining before the end of the year, and as a result we look forward to millions more people signing up and using the service.”

Now the concern comes from just how easily it’ll be for new banks and building societies to join and implement it for their customers – as implementation hasn’t been hiccup free for some consumers.

It’s also worth noting that in the first 100 days of Barclays’ PingIt service being launched, it had sent “almost £10 million” in transactions with 800,000 downloads of the app too. So, while PayM has more users, they’re all using it to send smaller amounts on average.

Still, it seems like a strong start regardless.

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