UK based mobile payment service, Paym, has announced that it has processed over £300 million in transactions on the platform since its launch in April 2014.

According to figures published yesterday, over 5.8 million transactions have been made without sort codes and account numbers to reach this milestone. More than 3.5 million mobile numbers are currently registered with their bank or building society in order to send and receive payments using Paym.

Mobile banking has grown in popularity in recent years, with Payments UK figures showing that a third of adults in the UK now regularly use a mobile banking app.

Craig Tillotson, executive chairman of Paym, said: “With UK consumers becoming increasingly cashless and looking to embrace mobile technology in their day-to-day lives, it’s encouraging to see many people are taking advantage of Paym as a new way of paying.

“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.”
Paym is offered by 17 banks and building societies, covering more than nine out of 10 current accounts, or 40 million people.

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