February 23, 2024

UK Mobile Banking Payments Up 54 Per Cent


Mobile Banking Lloyds347m payments were made using mobile banking apps in the UK during 2015, according to a BBA report.

That’s narrowly ahead of online banking on desktop, which processed 417m payments, but mobile is growing much faster – up 54 per cent year-on-year, compared to desktop’s two per cent. And in terms of log-ins, mobile is already well ahead – apps saw 11m sessions a day in 2015, up 50 per cent, while websites fell two per cent, to 4.3m. Even more marked is the drop in visits to physical branches, down a third since 2011, to an average of 71 per day.

Downloads of banking apps, meanwhile, were up 25 per cent to daily average of 40,000 – or a total 13.8m downloads across the year.

“We are in the midst of a consumer-led revolution in the way we do our day-to-day banking,” said BBA CEO Anthony Browne. “Customers love the new technology that is allowing us to bank around the clock. You can set up standing orders while standing in the queue for the bus and check your balance while checking in at the airport. The choice now on offer from banks, from state-of-the-art branches to cutting edge apps, has put customers firmly in the driving seat on the way we bank.”

The other success story in the report is contactless cards – 15m were issued in 2015, 54 per cent more than the previous year, and contactless use has risen even faster, up 250 per cent. In March 2016 alone, £1.1bn was spent in the UK using contactless cards.

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