British bank association talks up mobile transactions

British bank association talks up mobile transactions

10 JUL 2014

Internet and mobile banking is being used for transactions worth £6.4 billion a week, according to a survey by BBA, the UK banking trade association, and EY, the professional services firm.

The 2014 figure is up from £5.8 billion in transactions in 2013, said the survey.

In addition, banking apps for mobile handsets and tablets have now been downloaded more than 14.7 million times, a figure which has risen by 2.3 million since January. The daily download rate is around 15,000 per day in 2014.

And expenditure via contactless cards is expected to rise to £6.1 million a week this year, which is up from £3.2 million in 2013. This appears a low figure which might indicate that contactless cards are used for quite small sums, as well as it being relatively early days for take-up.

The report also talks up the prospects for bank branches, despite the apparent threat offered by the popularity of mobile, tablet and online usage.

Larger banks have refurbished 2,274 branches over the past two years. “The number of transactions in the banks’ high street outlets may have fallen sharply, but many people will want to visit their branch for those bigger moments in life, such as taking out mortgages or assessing their financial options,” the report argued.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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