Britons splashing out £1bn a day through online and mobile payments

by Michael Moore| 08 July 2014

British Bankers Association reports huge numbers on digital banking and contactless payments surge.

UK consumers are now spending nearly £1bn a day using mobile and online payment methods as tech-savvy consumers begin to take more control over their spending.

Millions of British customers are now using contactless cards, payment by mobile and SMS balance alerts, according to the second Way We Bank Now report by the British Bankers Association (BBA) and accounting firm EY, with more than 15,000 people downloading banking apps every day.

Overall, Internet and mobile banking transactions were worth £6.4bn a week, the report found, up from £5.8bn last year. There were over 14.7m downloads of mobile and tablet banking apps every week, with internet banking services receiving seven million log-ins per day.

The report also forecast spending on contactless cards would rise to £6.1m a week this year, up from £3.2m in 2013 as more banks offer the technology to customers.

"This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies," said Anthony Browne, chief executive of the BBA.

"This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology to win your custom. It's a revolution putting more power in your hands."

Separately the rise of mobile banking was also shown in a report from analytics firm Juniper Research, which has predicted that the number of users will top those of traditional online banking users by 2019.

More than 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year, the firm predicts, with a rise in consumer demand for mobile banking technology being behind this rise, as emerging countries such as India and China driving major growth over the next few years.

"The level of maturity in number and innovation of services being offered in the market across several geographical areas, demonstrates that banks now regard the mobile channel as an indispensable revenue-stream," report author Nitin Bhas said.

 

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