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Paym reaches £70 million mark

UK person-to-person mobile payments service Paym has recorded more than three-quarters of a million transactions in the first half of 2015.

A Blackberry with credit cards coming out of it

Paym has recorded a rising number of transactions

Paym lets users make payments from within their banking app by using a mobile phone number, without the need to disclose sort codes and account numbers. So far, 17 banks and building societies are participating in the service, covering more than nine out of 10 UK current accounts, with 2.6 million registered users.

So far, 1.25 payments worth £70 million have been made through Paym, although the figures show that activity is increasing quarter on quarter. In Q2 2015 the service was used for 416,000 payments worth £23.1 million, compared to 157,000 payments worth £8.5 million in the third quarter of 2014.

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