RSS feed Get our RSS feed

News by Topic

BizReport : Mobile Marketing : February 05, 2015

Brits' awareness and adoption of mobile payments rising

A mobile banking service is becoming popular in the UK as awareness of the method becomes more widespread, according to a new study.

by Helen Leggatt

Nearly two million consumers in the UK are now registered for Paym. The service is provided by many of the country's major banks including Barclays, Lloyds and Bank of Scotland. Paym enables users to link their bank account to their mobile phone and make purchases using their device.

Since its launch in April, 2014, transactions totaling more than £26 million (US$39.5 million) have been processed.

The study also found that awareness of mobile payments among U.K. consumers is growing with two-thirds (66%) now aware of the payment method and 52% familiar with Paym itself. Being able to pay for items without giving out their account details is the top reason Paym is deemed useful among users, followed by the convenience of not having to carry around cash or visit an ATM.

Paym was found to be most commonly used to pay back a close friend (21%), a partner (19%), parents (19%), or child (13%) as well as contributing to group presents (15%) or paying for club membership (15%).

Fridays, Saturdays and Sundays are when nearly half of Paym payments are made, particularly during the hours between 6pm and 9pm, with the most popular purchases being food, petrol and cinema tickets.

"More people are using Paym every day - nine out of ten current account holders can now register to receive payments using just their mobile number," said Craig Tillotson, Managing Director of Paym. "Paym means securely settling up with friends and family for weekend fun has never been easier - no sort codes, no account numbers and no cash needed."

Image via Shutterstock

Tags: mobile, mobile banking, mobile payments, U.K.

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.