It appears as if people are warming towards financial services on smartphones. After all, we spend most of our lives on them anyway to socialise, watch TV and stay up to date with 24-hour news-cycle, so why not throw finance management in there as well for that complete convenience.
This is a sentiment particularly echoed by Europe, where the number of people who use mobiles for banking services has increased from 41% to 47% in 2015, according to an annual survey by ING. Furthermore, this increase is expected to continue in the future as just under two-thirds of European respondents (63%) expect to use mobile banking in the next 12 months.
The UK loves mobile banking apparently
The report, which surveyed just under 15,000 people across 15 countries including Australia, the Netherlands and the US, found that in the UK, mobile banking uptake was particularly impressive with 55% surveyed saying they already use mobile banking, and over two-thirds (67%) expecting to do so over the next 12 months.
However, the UK didn’t top the table – that position is occupied by the Netherlands where 63% of people already use mobile banking and just under three-quarters (72%) expect to use it in the next year.
The study also identified why mobile banking is likely to go from strength to strength. Seven out of ten Europeans who use mobile banking have said that it has made them manage their finances better. In the UK that number drops slightly down to 66%.
- Samsung has launched its mobile wallet in Spain
- Mobile payments are key to UK SME growth, says eBay
- France is doubling down on mobile payments
- New Netherlands mobile wallet on the block
What about the US?
We recently covered a survey conducted by Chase that found three-in-four say mobile tools help them manage their lives and stay organized. Financial tools in particular as over half (51%) admitted to checking their mobile banking app whilst at work! For the more cautious employees, smoking or coffee breaks are the times to check in on finances (35%).
The ING report adds another piece to the US mobile payments picture by stating that just over half of American respondents use mobile banking and two-thirds expect to do so in the next 12 months.
Ian Bright, a senior economist at ING, said: “The mobile revolution is not a fad. People not only want to use their mobile phone in their everyday life to manage their money but many also reckon it helps them manage their money better.”
Mobile shopping is also on the rise as the report found that exactly two-thirds of respondents across Europe shop on their smartphone or tablet, up from 58% in 2015.
Interestingly, in very strong cash economies such as Italy 66% of respondents said that they are using cash much less frequently than they did 12 months ago. A sentiment echoed by Turkey (67%), but not by the likes of Australia and Germany (28% and 31% respectively).
It should come as no surprise that digital payment volumes are continuing to increase with annual growth projected to top 10% for the first time to reach 426.3 billion transactions, according to the new World Payments Report (WPR) from Capgemini and BNP Paribas.
Identity, biometrics, fraud, and the payments user experience were the topics discussed at TALKINGTECH’s inaugural Future of Digital Payments and Collections event this week.
Cash was used in under 50% of all retail transactions across the UK in 2015, according to the British Retail Consortium's annual Payments Survey.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.