The amount of transactions and the amount of money sent through Paym has increased by a whopping 80 per cent in the past six months alone.
Paym was set up by finance regulator the Payments Council in January 2013. It was developing for the entire year until it was launched in April 2014. This service allowed the users to transfer funds across all bank accounts around the UK through their mobile numbers.
In 2014, the growth of this service was steady and according to the reports released in February, Paym was used to send more the £26 million in their first eight months of release, including the beginning of 2015. But within a couple of months, 6 months to be precise, Paym had an exponential growth of 774,628 transactions and counting. The total amount transacted has already reached £70 million.
So for what purposes are people using Paym for?
The most popular use of Paym is for people paying their share of lunch and dinner bills. Around 16 per cent of the users say that they use it to pay for things like cinema, theatre or concert tickets. 19 per cent say that they use it to pay for small meals like a sandwich.
As of June 2015, approximately 2.6 million people have registered for Paym and most of them are using it during weekdays, which is a good thing for the company, Craig Tillotson, the managing director of Paym says.
“Paym continues to grow and it is interesting to see we are using it more for weekday money management as well as Saturday socialising. We believe the sheer simplicity of using someone’s mobile number to pay them back means Paym will go from strength to strength.”