New Mobile Payments Technology, Paym, A Smash Hit On Black Friday

Paym Someone

According to figures from Clydesdale and Yorkshire Banks, “Black Friday” accounted for a quarter of all transactions by value – £1.13million. At its peak on Friday, the mobile app was used 57 times each second, 50% higher than peak use for ATMs on the same day.

The new Paym mobile payments capability, which allows customers to make payments of up to £300 using just a smartphone to anyone registered with Paym, has been used for over 33,000 payments; worth more than £4.6million, in the 2 weeks since launch.

Paym works through the Bank’s existing mobile banking service, so is easy and just as secure (www.paym.co.uk). The list of banks that work with the Paym service include Bank of Scotland, Barclays, Clydesdale Bank, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander,TSB and Yorkshire Bank.

Having launched the new Android version of their mobile banking ‘app’ featuring Paym mobile payment capability on 18th November, the Banks have seen it downloaded at a rate of almost once every 20 seconds. Including iOS apps for iphone, which launched on 25th, the new apps have already been downloaded by more than 50,000 customers, and 30,000 customers have already registered to use the Paym service; already significantly exceeding expectations for the whole of 2015.

Stephen Verrecchia, programme director for mobile Banking at Clydesdale & Yorkshire Banks, said:

Seeing such large volumes of transactions, and particularly on Black Friday, shows an enormous amount of confidence in the service from customers. Mobile Payments are definitely here to stay.

The launch of Paym has been a massive success for us. Clearly the service itself is a huge part of that, but we have also worked hard at making registration easy for customers.

Monitise, the Mobile Money provider, partnered with Clydesdale & Yorkshire Banks to develop their mobile banking apps and integrate Paym.

This post was written by Rob Gordon, an IT geek, gadget lover and blogger. Rob has been using the internets since 1994 when the only streaming video was that coffee pot in Cambridge (rip).... Follow Rob on Twitter - @robgordon - about.me/robgordonuk