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Monday, March 31, 2014

Mobile phone banking transactions made by British customers have doubled in 12 months, according to the BBA

The number of banking transactions made on mobile phones by British customers has doubled in a single year, according to new figures from a UK banking trade organisation.

Customers of the five biggest retail banks used mobile phones for 18.6 million transactions a week in 2013, according to the BBA. That compares with 9.1 million in 2012.

Overall, more than 457.7 million SMS balance alerts and other banking text messages were sent to customers during 2013.

The BBA says customers are now making more than 5.7 million transactions a day using smartphones, tablets, PCs and other internet-enabled technology.

Anthony Browne, Chief Executive of the BBA, said “A revolution is underway in how people spend, move and manage their money. This is not just about the phenomenal growth of mobile banking, which has already allowed millions of British customers to make billions of transactions from the palm of their hand. Consumers are also rushing to use contactless cards, text alerts and a range of other easy-to-use technology. This is innovation that connects us more strongly to our banks than ever before and gives us greater freedom to handle our money wherever and whenever we please.”

Banking apps have been downloaded more than 12 million times by customers from the five biggest retail banks in the UK.

Author: The Fonecast
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