More than £26million has been sent using Paym, the simple and secure way to pay using just a mobile number, since its launch on 29th April 2014. A recent research study 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 people have now registered with their participating bank or building society to receive payments into their bank account using just their mobile number.
More than 40 million customers are now able to register for Paym - representing over nine out of ten current accounts. Customers of Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander, TSB and Yorkshire Bank are able to send and receive Paym payments. Customers of Isle of Man Bank, NatWest, RBS and Ulster Bank will be able to receive Paym payments from the middle of 2015. Metro Bank, Nationwide Building Society and Tesco Bank also planning to join the service.
Money is transferred using the same systems already used to transfer account funds - Faster Payments and LINK - so the service benefits from the same high level of legal protection as existing electronic payments, through the Payment Services Regulations. The service has the standard security measures such as password activation, mobile number verification and confirmation requests, and participating banks and building societies have all signed up to a security code of conduct to protect the service from fraudulent activity.
The above figures were revealed in the first Paym statistical update, which includes a survey of consumer attitudes to mobile payments. Two thirds (66%) of the UK population is aware of mobile payments, with more than half (52%) of those with knowledge of mobile payments aware of Paym.