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Three Quarters of Brits Use Mobile Banking

Three Quarters of Brits Use Mobile Banking

Just under three quarters of the UK’s consumers use mobile devices for their banking, however despite this the country is not even in Europe’s top 10 in terms of the proportion of people using mobile payments. 

The findings of a survey by Visa of 36,000 people across 19 European countries revealed that Turkey has the highest proportion of people using mobile payments and mobile money management at 91%.

The survey classed an individual as a mobile payments user if he or she managed money or made payments using a mobile device.

Overall in Europe 54% of consumers regularly use a mobile device to make payments for a range of activities, up from just 18% last year.

According to the report mobile banking is increasingly being used across a range of age groups with older people being the fastest-growing group of adopters.In the UK 46% of 55 to 64 year olds now use a mobile device for banking.

UK managing director at Visa, Kevin Jenkins, said the survey provided evidence that the future of digital payments had arrived.

He said: “Visa sees smartphones and wearables as the beginning of a broader trend, with millions of new connected devices making it simple, safe and secure to integrate daily commerce transactions into almost any technology.

“In Europe, we have recently seen Apple Pay launched in the UK, France and Switzerland, Samsung Pay has launched in Spain and Android Pay in the UK. We have also seen a new era of wearable payments – smartwatches, wristbands and even clothing. It’s clear that this trend will continue to accelerate, enabling consumers to choose the connected device that fits with their lifestyle.”

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