Paym off to a flying start: 1m users in first 100 days
It is early days but it is highly encouraging that 1m users have signed up to use Paym within 100 days of its launch on 29 April.
So far so good. It is early days but it is highly encouraging that 1m users have signed up to use Paym within 100 days of its launch on 29 April, writes Douglas Blakey.
To date, more than £6.5m has been sent using Paym.
The figures are even more impressive when one considers that Paym is not yet an option for customers of RBS/ NatWest, Clydesdale/Yorkshire Banks, Nationwide and Metro Bank.
By the end of the year, when banks such as RBS have joined Paym, the service will be available to around 40m users.
So I do not for a second begrudge the Payments Council the overwhelmingly positive press it is enjoying.
The Payments Council PR effort has also been stellar: awareness of Paym stood at 45% prior to the launch; a week later, the figure had risen to 75%.
News of the Paym early adopters coincided with release of digital banking statistics from the British Bankers Association. In The UK internet and mobile banking is now used for transactions worth £6.4bn a week up from £5.8bn last year.
As for smartphone and tablet apps: these have been downloaded more than 14.7m times with the number growing at a rate of 15,000 per day in 2014.
So for Paym, there is huge scope in the short-to-medium term to target the millions of m-banking users who have yet to trial Paym.
Security will remain a concern for a largish proportion of potential new adopters. Only today, a report commissioned for Intercede suggested that over half (53%) of UK consumers will never use mobile banking apps due to security concerns.
Paym has proved that the technology works; there has not to date been any PR nightmares due to security lapses; the user experience is pretty good.
But before anyone suggests that Paym will get close to mass market use, bear in mind that the UK will not top any global league for digital banking useage so let us not get carried away.
As the latest figures from ONS highlight, internet banking numbers continues to grow but has only just passed 50% usage: for the record, in the past three months, only 53% of UK adults used online banking.