The Paym service seems to be taking off among British banking customers. More than a million users have signed on to use the service, which allows (U.K. equivalent) ACH transfers of funds between mobile numbers.
Launched in April, Paym is a cooperative move between HSBC, Danske Bank, Halifax, Lloyds Bank Bank of Scotland, Barclays, Cumberland Building Society, TSB and Santander that has been used by account holders to shift almost $11 million (£6.5 million) since rolling out 100 days ago.
“I think that securely paying back friends and family using just their mobile number will become second nature and we’ll wonder why we ever did anything else,” Jemma Smith, director of communications & education at the Payments Council, according toFinextra. “The next big step forward is more banks and building societies joining before the end of the year and, as a result, we look forward to millions more people signing up and using the service.”
Smith further noted that consumer awareness of the mobile payment service is up 45 percent since its launch, and that 65 percent are confident in the security of the program as a means to move funds.
“It’s hugely encouraging that one million people have chosen to register for Paym already, but this milestone only marks the start of growth in the service.”