Paying back IOUs to friends and family just got easier, following the launch Paym, the new secure way to pay using just a mobile number across nine banks and building societies.
Paym is now available to more than 30 million people across the UK – customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB are able to send and receive Paym payments. The service will expand later in the year, becoming available on more than nine out 10 current accounts, covering in excess of 40 million customers.
Research carried out to mark the launch of Paym found that almost two thirds of people (62 percent) agree that being able to borrow money is a sign of true friendship.
Younger consumers are the most relaxed about lending and borrowing with 37 percent of 18 to 24-year-olds happy to lend because they like treating people to things and 74 percent are happy to be able to help. But they also have an expectation in return with 46 percent lending because it means they can ask for the favour to be returned at some point.
IOUs from parents to children ‘the bank of mum and dad’ amount to £3.7 billion each year but money going the other way ‘the bank for mum and dad’ is also significant, amounting to £1.6 billion each year.