Figures from Clydesdale and Yorkshire Banks show that new mobile payments technology, Paym, was a hit with shoppers on Black Friday. The banks, which only launched their Paym mobile payments capability two weeks ago, have already seen it used for over 33,000 payments (worth more than £4.6m). Last week’s shopping extravaganza, Black Friday accounted for a quarter of all transactions to a value of £1.13m and the mobile app was used at its peak, 57 times per second, 50 per cent higher than peak times for ATM’s on the that day.
Since the banks launched the new android version of their mobile banking app with Paym on 18th November, it has been downloaded at a rate of nearly once every 20 seconds. Figures show that the new apps have already been downloaded by over 50,000 customers, and 30,000 customers have registered to use Paym, an amount which already exceeds expectations for the whole of 2015.
Paym, the mobile payments service launched by the Payments Council, allows registered customers to make payments up to £300 using their smartphone and their phone number. Paym is supported by many of the UK’s major banks and works through the bank’s existing mobile banking service.
Stephen Verrecchia (Programme Director, Mobile Banking, Clydesdale & Yorkshire Banks) said, “Seeing such large volumes of transactions, and particularly on Black Friday, shows an enormous amount of confidence in the service from customers. Mobile Payments are definitely here to stay. The launch of Paym has been a massive success for us. Clearly the service itself is a huge part of that, but we have also worked hard at making registration easy for customers.”
Consumers want the ability to pay for goods on the go and recent reports show that mobile payments have been adopted all over the world in different ways. Financial institutions, credit card companies and even internet companies such as Google have implemented mobile payment solutions. The mobile payments market in the UK has been growing steadily over the last year and the figures from Clydesdale and Yorkshire Banks highlight customers willingness to pay via their mobile.
Clydesdale and Yorkshire Banks partnered with mobile money provider, Monitise to develop their mobile banking apps and to integrate Paym. Will Jones (Managing Director, EMEA & Asia-Pacific, Monitise) added, “We’ve worked with Clydesdale & Yorkshire Banks since the start of their mobile banking journey. The customer engagement resulting from the introduction of Paym capabilities really speaks to how banking is being transformed by technology that enables customers to easily manage their money when and where they want. Providing mobile banking services is about much more than basic functions – it’s about delivering value-add services for consumers, and that is what we’re seeing happen here.”