The rise of mobile payments is undeniable, and it seems that new records are being set on a regular basis. The most recent took place around the August bank holiday weekend, with figures from Paym showing that £1m was sent using the service in a single day.
Bank holiday payday
The figures show that nearly £2.5m was sent using Paym over the whole bank holiday period, but it peaked on Friday 26 August when a record £1m was sent. A total of 17,244 payments were made on the day, almost 40% higher than usual, with people clearly keen to send payments to a current account using just a mobile phone number.
Much of this could be due to the fact that it was payday for a huge number of people – the last Friday of the month is payday for many, which typically results in increased use of the service – but put together with the thought of an extra day off, it seems that people were really keen to get spending.
Chipping in for petrol money is the most popular reason to use Paym (reported by 21% of users), which in this case, probably helped to fuel bank holiday trips. Other forms of socialising could also have benefited from the service: for example, 19% of users said they've used the service to pay friends back for cinema, theatre or gig tickets, while 18% use it to pay their share of lunch or dinner.
"Paym is a great way to pay back friends and family, so it makes sense that the Bank Holiday broke the record for the number of payments sent to a mobile number," said Craig Tillotson, chief executive of Paym. "We normally see an end of month payday boost – we think settling up for the extra socialising and trips away created by the long weekend played a big part in breaking the record."
The figures also revealed the continued growth of Paym on a longer-term basis, with almost £100m (£99,218,404) sent using the service in the first six months of 2016. Overall, in excess of £245m has been sent since Paym's launch date in April 2014 until the end of June this year, with 3.3m mobile numbers currently registered to receive payments.
This has been fuelled by the continued popularity of mobile banking as a whole, with additional figures from Payments UK revealing that a third of adults now regularly use a mobile banking app. Not only that, but 17 banks and building societies – representing more than 95% of current accounts – offer Paym to their customers directly through their own apps, meaning it's easier than ever to send payments with no need for the payee's sort code or account number.
Get in on the action! Most current account providers now offer mobile banking and even Paym through their apps, so if you're yet to experience the benefits, get registered and get involved.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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