Launched in April 2014, with the backing of Britain’s major high street players, Paym lets users make person-to-person and person-to-business payments from within their bank’s app by simply using a mobile phone number as a proxy, without the need to disclose their sort code and account number.
So far it has been used for over 5.8 million transactions worth more than £300 million, a figure that has nearly doubled since February.
However, the rate of growth for registered users has slowed considerably over the last few months, rising just a quarter of a million, to 3.5 million.
Among the reasons people use Paym is to chip in for petrol, pay friends back for cinema, theatre or gig tickets, and split restaurant bills. Another growing use for the service is to pay small businesses, with 15% of app users doing this, up from 13% last year.
Craig Tillotson, executive chairman, Paym, says: “Having now passed the £300 million milestone, it’s clear the mobile revolution is in full swing and we expect this trend to continue to grow and transform the way we pay.”