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Weekday use is leading mobile payment growth

Weekday use is leading mobile payment growth

Category: Banking

Updated: 14/08/2015
First Published: 13/08/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Do you use a mobile payment service? If so, when? According to figures from Paym, weekdays are by far the most popular in terms of money management, with 73.7% of all Paym payments during the first six months of this year being sent during the working week.

Interestingly, this is a notable increase from the previous six-month period, when weekdays accounted for 68.6% of payments. There were also 80% more payments sent during the first half of the year than in the latter half of 2014 – a whopping 774,628 payments were sent during the six months – showing how rapidly usage is expanding.

In total, more than 1.25m payments worth £70 million have been sent since the mobile-to-mobile payment service launched in April 2014. But just what has everyone been using it for? Well, according to the figures, people are increasingly using Paym to pay back immediate family members any money owed for petrol (25%), bills (22%) and household costs (19%), an interesting change from January this year when it was mainly being used to settle socialising costs with friends.

Paym has created a handy little table outlining the top five reasons for using the service in January and in August, highlighting how the service – and people's usage of it – is evolving:

JANUARY 2015 AUGUST 2015
Lunch or dinner (20%) Petrol money (25%)
A small meal e.g. sandwich (19%) Helping with bills (22%)
Cinema, theatre or concert tickets (16%) Paying back an IOU (22%)
Petrol money (15%) Household costs (19%)
Group or joint presents (15%) Lunch or dinner (19%)

"Paym continues to grow and it's interesting to see we're using it more for weekday money management as well as Saturday's socialising," said Craig Tillotson, managing director of Paym. "We believe the sheer simplicity of using someone's mobile number to pay them back means Paym will go from strength to strength. After all - whether it's a friend or a family member - we already know their mobile number, so it's easy to settle up with no sort code, no account number and no cash."

So far, 2.6million people have registered for Paym, and with 17 banks and building societies participating in the scheme – covering more than nine out of 10 current accounts – the growth in Paym looks set to continue. Want to get involved? Find out more about it here.

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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