One of the United Kingdom’s most anticipated mobile commerce applications has been officially released this week. The Paym platform has reached more than 360,000 registered users as of Tuesday morning, making it one of the most quickly adopted mobile payment services in the country. One of the reasons behind Paym’s early popularity has to do with the fact that it is backed by some of the country’s largest financial institutions, all of whom have serious interests in mobile commerce.
The UK has become a very attractive mobile market
The United Kingdom has become a very active market for everything mobile. Consumers throughout the country are becoming more mobile-centric, opting to use their smartphones and tablets for a wide variety of activities. As such, commerce has begun to evolve in the United Kingdom, with retailers and other businesses adapting to the changing times and working to engage mobile consumers more effectively. The country’s financial institutions are particularly interested in the mobile space because of emerging trends in consumer behavior.
Paym has the backing of many of the country’s largest banks
Paym is backed by Lloyd’s, Barclays, HSBC, and several other large banks that have an interest in the mobile space. The service allows consumers to make payments from their bank accounts using nothing more than a phone number. Paym won early praise before its launch because of its efficient nature and security features. The platform has managed to acquire a significant level of momentum ahead of its launch and this momentum may help Paym find success among consumers interested in mobile commerce.
Paym expected to process more than $1 billion in payments by 2018
According to the Payments Council, which was responsible for the launch of Paym, the new platform is expected to process more than $1 billion in mobile payments by the end of 2018. The platform is expected to see more use as more bank customers become aware of its existence. The banks supporting Paym will continue promoting the service to their customers in the hopes of making the platform the premier mobile commerce service in the United Kingdom.
John Torney is originally from New Jersey and a full time writer. He recently finished up a long term commitment where he worked in a tutoring program for underprivileged students that show an interest in a writing career. John has shown a special interest in technology and the mobile craze - which comes out in his articles. He has written scholarly papers, articles and reviews on topics ranging from insurance to technology news. Father of two young children, he keeps himself plenty busy!