PRESS RELEASE Under Embargo 0001: 31 JANUARY 2015 DL 020 3217 8441/ 8251/ 8316/ 8368
[email protected] @paymnow £26 MILLION ALREADY TRANSFERRED VIA PAYM IN 2014 • 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 £26million1 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 people2 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%).