The Paym service, provided by Bank of Scotland, Barclays, HSBC, Lloyds and Santander, among other banks, enables users to link their mobile number and their bank account details so that they can pay for goods and services using just their mobile phone.
Research has found that transactions worth more than GBP 26 million in total have been processed through Paym since the launch of the service at the end of April 2014.
The study found that 66% of UK consumers are now aware of mobile payments and 52% of the Paym service itself. Nearly half of Paym payments (49%) are made on Fridays, Saturdays or Sundays, with the most popular items being bought including food, cinema tickets and petrol. The Paym service is used most frequently during the hours of 6pm to 9pm in the evening.
According to the survey, consumers believe mobile payments are most useful for allowing them to pay for things without having to give out their account details to others. The joint second most frequently identified benefits of mobile payments was that it avoids the need for consumers to carry cash and visit cash machines and that it is easier to use than having to cite bank account and sort code details to make payments, the research indicated.
Current account holders at the Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, TSB and Yorkshire Bank can already register to use the Paym service. Customers at Isle of Man Bank, NatWest, RBS and Ulster Bank will be able to register for the service from the summer of 2015, and the Metro Bank, Nationwide Building Society and Tesco Bank are also reportedly planning to join the service too.
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