Paym, the UK service that enables money transfers using just a mobile number, has reached over 1.8 million registered users, with over £26 million being sent via the app since it launched in April 2014.

The company got its first 500,000 registrations in less than three weeks of its launch, with the following 500,000 taking 2-3 months and the next 850,000 taking five months, showing a slow down of registrations over time, although it is not unusual for a service to garner most interest in its early days.

People aged between 16 and 34 account for well over half of Paym users.

The most popular uses of the app include paying someone back for food or a cinema or concert ticket while “not having to give account details out to others” and “not having to carry cash around’” were cited as the top benefits.

Sixteen banks and building societies, including Bank of Scotland, Barclays and HSBC, offer the service, which means it is available to over 40 million customers.

Isle of Man Bank, NatWest, RBS and Ulster Bank customers can only receive payments for now but will be able to send money from the middle of 2015.

Metro Bank, Nationwide Building Society and Tesco Bank also plan to join the service, the company has said.