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Gocompare.com comments on Payments Council figures showing that one million people have registered to use Paym since its launch in April

06 August 2014

Matt Sanders, Gocompare.com’s banking spokesperson, said:

“An average of ten thousand people a day registering for Paym demonstrates that there is an appetite for this kind of payment technology. More and more people are using banking apps to budget – recent Gocompare.com research revealed that 80% of people regularly manage their money online, and 28% have made payments using their mobile phone banking app.*

“The quick sign up rates for these kinds of banking innovations shows that there is a high demand for real time and convenient money management. Having technology like this, literally at your fingertips, will make it much easier for the more tech savvy to keep an eye on their finances, pay for things and to get paid. It’s a great tool for students, or anyone who needs to regularly split bills – whether at a restaurant or for utility bills.

“With most of the major banks signed up to Paym, and more planned by the end of the year, it’s clear that banking customers trust this kind of technology and that mobile banking will become a mainstay of the general banking market in the future.”

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*Between 28 March and 11 April 2014, Consumer Intelligence conducted an online survey among 1,509 randomly selected UK adults. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.