The number of bank transactions made on mobile phones has doubled in a year, according to new figures.
More than 5.7 million transactions a day are made using smartphones and other internet-enabled technology, according to a report from the British Bankers’ Association (BBA).
The BBA’s Way We Bank Now study also reveals that customers of the five biggest retail banks have downloaded more than 12.4 million bank apps and used their devices to conduct 18.6 million transactions a week last year, up from 9.1 million in 2012.
Mobile banking allows customers to pay bills, make transactions and interact with their bank through their devices.
The study also revealed that more than 28 million debit and credit cards are fitted with contactless technology and 450 million SMS balance alerts were sent to customers in 2013.
Lloyds Banking Group expects to see a 10% monthly growth in payments with contactless cards this year.
Anthony Browne, chief executive of the BBA, said that branches would remain “integral” to services such as providing mortgages, but mobile banking was more convenient for people’s day-to-day needs.
“A revolution is under way 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.”
Bank transactions on mobiles double
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