PAYMPan-African Youth Movement
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Paym transactions total more than GBP6.5m to date, as consumer awareness of mobile payment services is said to have been transformed.
Paym will be integrated into customers' existing mobile banking or payments apps, providing an additional way to pay.
The Payments Council predicts that the number of payments made through Paym will have reached around one billion by the end of 2018, taking into account factors like levels of mobile phone ownership and payment patterns.
Craig Tillotson, executive chairman of Paym, said: "It's really important to think before you act if you're asked for your personal or financial details, or to transfer money - and you should never disclose security details, such as your pin or full banking password."
| CONTRARY to what many people feel when they've loaned money, Paym's research found reminding the other person doesn't usually have a negative impact on the relationship.
Neil Aitken from Paym, offers his top five tips to help small businesses to get paid quicker and avoid having to chase those late payments...
According to Payments UK, more than 40 million customers are eligible to register their mobile phone number for Paym, representing over 90 percent of UK current accounts.
Paym, which helps people to transfer money as easily as texting, was launched at the end of April this year for customers at nine banks, including RBS and TSB.
A survey for mobile payments service Paym found people in Belfast tend to have the bulkiest wallets, stuffed with PS30 on average, followed by people in London, who have just over PS25 on them on average.
Mobile payments service Paym found evidence that men were more likely than women to feel comfortable lending money if their partner, friend or work colleague was caught short.
Nearly two-thirds (63 per cent) of men would be happy to lend money to a close friend, compared with just over half (52 per cent) of women, Paym found.
The research done for mobile payment system Paym reveals that daters in Manchester spend the least on a first date, at PS43 - saving almost a tenner compared to the PS52 national average.