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Paym reaches 1 million registrants in the UK

Users have sent more than £6.5 million in funds using the P2P mobile app.

More than one million customers have registered with their bank or building society for Paym, the person-to-person mobile payment service from the U.K. Payments Council. The organization made the announcement Thursday in a press release. 

The millionth registration happened on July 31. Users have transferred more than £6.5 million in funds since the service debuted in April. 

Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB have been able to send and receive Paym payments since April 29, meaning the one million users' milestone has been reached within 100 days of the service going live, accordin go the announcement. Later this year, Paym will expand further becoming available to more than nine out of ten current account holders.

The council said in the announcement an increase in consumer awareness and confidence in mobile payments services have helped the app gain more users. Awareness of mobile payment services amongst consumers increased from 45 percent before the launch of Paym up to 75 percent just a week after the service became available. Of those already using Paym, 65 percent are confident in its ability to be a safe and secure way to transfer money to family and friends. The survey results are based on research undertaken by TNS amongst 2,000 U.K. adults aged between 16 and 64 years-old from May 6-14.

"It’s hugely encouraging that one million people have chosen to register for Paym already, but this milestone only marks the start of growth in the service," Jemma Smith, director of communications & education at the Payments Council, said in a statement. "I think that securely paying back friends and family using just their mobile number will become second nature – and we’ll wonder why we ever did anything else. The next big step forward is more banks and building societies joining before the end of the year, and as a result we look forward to millions more people signing up and using the service."