There were 1.46 million Paym payments in the second half of 2015, compared to 774,628 in the first six months. More than £146 million has been sent using the British bank-backed person-to-person mobile payments service since it launched in April 2014. The average transaction value dipped below £50 for the first time in the last three months of 2015, with £49.48 being sent on average, with petrol money, splitting bills, IOUs and other household costs amongst the most popular reasons to use the offering. 3.2 million people had registered for the service with one of the 17 participating banks and building societies by the end of December.

Given that 40 million-plus customers, representing over nine out of 10 current accounts are able to sign up for Paym, these latest figures are not about to shake the payments sector to its very core. But Craig Tillotson, Chairman at Paym is keen to highlight growing momentum.“More payments were made in the last six months than the whole previous year. It seems plenty of people have cottoned on to using their contacts for more than calls and texts. Paym means all you need is a mobile number to securely send payments straight to another bank account whenever and where you want, using your own bank’s app,” he says.

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