Consumers welcome new mobile payment service

Published on 29 April 2014 by in Latest News

mobile payment service Consumers welcome new mobile payment service Mobile users in the United Kingdom can now send money directly to an account using the recipient’s phone number. The scheme, launched by the UK Payments Council, allows customers from nine banks, including Barclays, Lloyds and TSB, to send cash to other account holders. The service can potentially reach 30 million people across the country, with Natwest, First Direct and Yorkshire Bank committed to join the scheme later in 2014.

The system, known as Paym, allows customers to make a payment by selecting the recipient’s contact details from their address book. The Payments Council expects 1 billion payments to be made via the app in 2018. More than 300,000 people had already registered for the service in the first week of launch.

mobile payment experience Consumers welcome new mobile payment service

Research from Consumer Intelligence found that one in four customers planned to use the scheme. Over 39 per cent of those among 18 to 34 said they would be utilising the service. However, forty-seven per cent of those polled said they had security concerns about using the feature. “It remains to be seen if Paym can build enough trust in consumers…in order to promote mass uptake,” states Ernest Doku, telecoms expert at uSwitch.

However, despite initial concerns regarding trust, a number of industry commentators have spoken out to support the move. Speaking to the Daily Mail, a spokesperson from Carphone Warehouse said:

“Customers are looking for faster and easier ways to organise their lives and keep their finances in order; it seems inevitable that future smartphones will need to feature payment options as standard.”

The launch of Paym follows the news that the number of mobile banking transactions doubled between 2012 and 2013, resulting in 5.7 million transactions being made per day in the United Kingdom. You can follow numero for more information relating to the changing banking behaviour of customers across the UK here.

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