Tag: Paym

A recent study suggests the launch of a new UK payments service has pushed the nation into the top m-payments market spot, worldwide.

After comparing international mobile payments markets, a UK Payments Council research paper claims that the United Kingdom is the m-payments market leader and that the country’s success is related to the P2P Paym service, which was launched this past April by the Payment’s Council.

The report compared the person-to-person (P2P) mobile payment services of several countries.

Aside from the UK, the countries that were studied and compared included the US, Japan, Sweden, India and Kenya. The report compared a variety of aspects, some of which included infrastructure, ownership, the mobile banking experiences of customers, and speed.

Adrian Kamellard, the Payment Council’s chief executive said about the report that “Looking round the world makes it clear that Paym is a world leading service, even when compared with trailblazers such as M-Pesa in Africa. The UK payments industry’s collaborative model of change, which builds upon our existing world class real-time payments infrastructure has delivered real benefits for customers.” Kamellard added that unlike other parts of the world, Paym is a free service for customers “at the point of use.”

He went on to say that mobile technology has altered human behavior around the world and that this has transformed the way that people carry out many of their important daily tasks. He added that it is interesting to observe how technological, cultural and local regulatory differences affect how a new mobile payments solution is applied.

Paym is the only mobile payments service in the world that is industry-wide to use P2P.

In addition to this finding, the Payment’s Council report also claimed it found that the US and Japan are behind Sweden and the UK when it comes to delivering P2P m-payment services. It also said that it is a struggle for India to make its service as universal is it is in Sweden and the UK due to the country’s geographic and demographic disparity. In addition, it noted that Kenya’s M-Pesa mobile payments service has increased the nation’s inclusion and financial capability, which previously had an infrastructure lacking in payments and banking.

Paym has ambitious plans for the future

Paym, a new mobile commerce platform, was recently launched in the United Kingdom and represents one of the most highly anticipated mobile services to be released in the country so far this year. The platform is backed by many of the United Kingdom’s largest financial institutions and this has allowed it to find early success where other, similar mobile commerce platforms have struggled to find traction with consumers. Paym’s ambition is to reach a significant user base by the end of the year in order to solidify its place as a leading platform in the mobile space, and it is already well on its way to achieving this goal.

Commerce platform already boasts of more than 7 million registered users

The service currently boasts of some 500,000 registered users through the nine banks that have partnered with Paym. These banks boast of a large pool of customers that are already making payments through Paym. The platform is specifically designed as a person-to-person payments service and has managed to acquire strong support from consumers as such. The Paym service is integrated into the mobile applications that are associated with its partnered banks and other organizations.

Platform manages to find favor with consumers despite crowded market

The platform has received an overwhelming positive response from consumers in the short time after its release. This has provided the platform with the momentum it needs to compete against other services that exist in the mobile commerce sector. Both PayPal and Google have managed to establish a formidable presence when it comes to mobile payments, but these two companies are far from being considered the default mobile commerce service providers among consumers. Indeed, many people are happy to make use of a wide variety of mobile commerce services, moving from one service to the next as they see fit.

Small firms fight for the attention of consumers

As mobile shopping continues to grow in popularity in the United Kingdom, it is likely that the market will continue to be flooded with new and ambitious mobile services. These services will compete with one another and likely die out due to a lack of exposure. Large organizations, such as PayPal, are able to avoid much of this competition because of their built-in user base, but smaller organizations will have to fight hard for the attention of consumers.