Mobile Pay Startup Paym Growth Slowing Just As It Announces £300m Processed

It’s a good news/bad news beginning to the week for the team at London-based mobile pay startup Paym.

The good news: the U.K. bank-backed P2P mobile pay service has officially processed £300 million in transactions ($365 million).

“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,” Craig Tillotson, executive chairman, Paym, says.

The less good news: however fully in swing mobile payments are becoming in the U.K., growth in their user base has declined notably over the last few months.

Since its launch in 2014, the British bank-backed Paym has made P2P and P2B mobile pay fairly straightforward for anyone with the app and the mobile phone number of the person to whom they wish to send money.  The service has handled over 5.8 million transactions worth a little over £300 million — a double up since February of this year.

But growth in registered users has been markedly slowing down over the second half of 2016, rising only 250K to 3.5 million.