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February 29, 2016updated 31 Aug 2016 12:27pm

Londoners lead mobile banking charge as UK adopts mobile payments

News: 60% of people in London use mobile devices to manage their bank accounts.

By Vinod

New research has revealed that people in London are seting the adoption pace when it comes to managing their finances using a smartphone.

Market research firm TNS carried out the research for mobile payment system provider, Paym.

The research found that 60% of Londoners use mobile devices to manage their accounts, the largest proportion of any region.

People in Northern Ireland are however close to Londoners, with 59% of residents carrying out their banking needs through smartphones.

According to the research, 48% of people in the North East and Yorkshire regularly use their phone for banking activities, while only 42% of consumers in the South East and South West use a mobile banking app.

The survey also revealed that one in three people who use mobile banking check it every day and 82% use Internet banking regularly.

People in the UK currently spend an average of one hour nine minutes every day surfing the internet on their smartphones, nearly matching the one hour 16 minutes spent online through computers and laptops.

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Paym chairman Craig Tillotson said: "Smartphones have revolutionised our day-to-day lives, so it’s no surprise they are doing the same to how we manage our money.

"More than one in three people who use a mobile banking app log in every day, helping to make idle moments like train journeys more productive."

The number of Paym payments sent is almost doubling every six months, with 1.46m payments sent in the second half of last year, compared to 774,628 in the first six months, an increase of 89%.

More than £146m has been sent using Paym since the introduction of the service in April 2014.

Around 25% of the global population is expected to use mobile banking within the next three years, with banks urged to adopt mobile banking strategies in order to keep up with the changing landscape.

In August 2015, KPMG revealed in its Global Mobile Banking Report that banks must ‘adapt or die’, based on primary survey data supplied by UBS Evidence Lab.

 

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