The new Paym service is set to be used more than one billion times by the end of 2018, according to a report published by the UK Payments Council.
The report titled ‘The Mobile Way To Pay,’ predicts that Paym will be made available to more than 40 million UK current account holders by the end of the year. Around 30 million UK current account holders will be able to access the service through their bank or building society from the spring of 2014.
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The report revealed that many of these payments will be among friends and family, with 63% of those surveyed expecting to use Paym to ask friends and family to pay them back for items including dinner or cinema tickets.
In addition, 55% of them will be paid back by work colleagues and 52% for special occasions such as birthdays or Christmas.
The report also found that only 28% of those surveyed have set up standing orders online in the first twelve months of use, while 64% of them did so after this period.
According to the report, 15% of them said the benefit of the service would not have to give their account details to other people and 13% said it was the ability to send payments anywhere through mobiles.
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By GlobalDataPayments Council CEO, Adrian Kamellard, said: "Paym will enable millions of people to pay securely using just a mobile number from spring this year. In a world where many of us are inseparable from our phones, it’s readily believable that more than 1 billion of these payments could be made in the next five years."
Paym is scheduled to be launched in April with customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank to use the service from later in spring.
