Personal Finance

Mobile banking 'on the increase'

More than one in 10 people now make payments online using a mobile phone, according to research.

Mobile Life looked at the use of mobiles in the UK and found that use of the use of 'mobile wallet' technology among consumers more than doubled in the last year, up from 5.9% in 2010.

An increase in the use of smartphone technology has made it easier for people to do things like check their bank balance or make online payments via the internet, the group said.

One in five (20.4%) said they used their mobile to check their bank accounts, up from 9.7% in 2010, while 11.9% said they used them to make online payments.

Stephen Yap, group director at TNS Technology, said: "As we become more familiar with smartphones and as mobile networks improve, we should see this number increase further, until mobile is the primary platform for most everyday online functions, including making payments.

"Soon we could be seeing phones as our primary portals for all online needs, particularly as the growth of the cloud will place less emphasis on storage space and more on mobile access points."

Sam Jackson

Money Dashboard