UK m-banking usage doubles

The number of UK citizens who manage their money using mobile has doubled in two years to almost 10% of the population, according to a survey of 1 000 adults by the Future Foundation think-tank on behalf of Monitise, reveals the Telecom Paper.

A major factor will also be the emergence of 'tap-and-go' payments using Near Field Communications, plus an increase in the range of mobile money services, like person-to-person payments, location-based offers, shopping, transport, ticketing and entertainment.

The survey shows that mobile bankers like mobile banking and 57% have used mobile banking more frequently in the past year than they did in the previous year.

According to Finextra, this number will exceed 50% in the next few years as banks and retailers take advantage of the widespread adoption of smartphones, apps and 3G phone networks to deliver new services.

Alastair Lukies, CEO of Monitise, said: “This research gives a real insight into how quickly and completely Britons have made mobile banking a part of their everyday lives.

“The fact that more than half of Britons are expected to be using mobile money services in the next few years compared to one in 20 two years ago demonstrates an exceptional rate of growth, states MSN.