Paym, the P2P mobile payment service that doesn’t ask for a sort code or account number, has revealed that is has processed 1.25m transactions worth £70m since its launch last April.
Taking a closer look at its data reveals that weekday money management is the fastest growing use of mobile payments.
Statistics covering the first half of 2015 reveal that weekdays accounted for almost three quarters (73.7 per cent) of Paym payments. This is a marked increase from the previous six months, when weekdays only accounted for just over two out of three payments (68.6 per cent).
More than three quarters of a million payments (774,628) were sent in the first half of 2015 – an increase of 80 per cent compared to the previous six months. In total, more than 1.25m payments worth £70 million have now been sent since the service launched in April 2014.
Paym found that people are increasingly using its service to pay back immediate family for money owed for petrol (25 per cent), bills (22 per cent) and household costs (19 per cent) – an interesting change from January 2015 when mobile-to-mobile payments were mainly being used to settle up for socialising.
In terms of what people use payment service there has been a slight shift in the age of people who are registered – 35-64 year olds now account for 39 per cent of registrations, up from 35 per cent in January 2015.
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In this guest blog, Apriva's SVP, Stacey Tappin, talks about the evolving payment interactions and the increasing importance of providing a cohesive consumer experience across all channels.