Paym scheme 'continues to grow'

The first year of the Paym mobile payment scheme has seen nearly £44 million-worth of transactions completed.

The service, which links a bank account with a mobile phone number, allowing people to quickly and easily make bank transfers from a banking app, launched in April last year, and it now has 2.25 million consumers signed up.

Paym, which is pronounced "pay-em", will continue to expand so that more banks and apps can use the service.

The average value of the transactions being made with the service is £55, and the most popular days to use it are Fridays and Saturdays.

In order to sign up to the service, people need to opt in by registering their mobile number with a current account.

Once set up, they will be able to receive money to that account.

People do not have to be registered to send money, but their bank or building society does need to be part of the Paym scheme.

Payments are made using the bank's mobile app.

Copyright Press Association 2015