Brits Embracing Mobile Financial Transactions

(Before It's News)

A British Bankers Association survey reveals how quickly mobile payments and other mobile financial transactions are catching on, the latter more than doubling in just a year.

Customers are now making more than 5.7 million transactions a day using smart phones and other internet-enabled technology, according to the BBA’s Way We Bank Now study, a series of publications highlighting how Britain is embracing a range of easy-to-use technology that connects banks to their customers more closely than ever before.

The initial report shows that customers of the five biggest retail banks have nearly 30 million debit and credit cards fitted with contactless technology and were making 18.6 million transactions each week in 2013, more than doubling than doubling the rate of the previous year.

“A revolution is underway in how people spend, move and manage their money. This is not just about the phenomenal growth of mobile banking, which has already allowed millions of British customers to make billions of transactions from the palm of their hand,” said Anthony Browne, BBA chief executive, in a prepared statement. “Consumers are also rushing to use contactless cards, text alerts and a range of other easy-to-use technology. This is innovation that connects us more strongly to our banks than ever before and gives us greater freedom to handle our money wherever and whenever we please.”

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