Corporate mobile banking to hit $100 billion mark

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Smartphones are being used more and more for corporate banking according to HSBC, with the firm predicting that $100 billion worth of corporate payments will be made on mobile devices within the next 18 months.

Financial services companies are ditching traditional payment methods in favour of smartphones and tablets, which is the opinion of one HSBC leader.

‘‘Since the launch of the HSBCnet Mobile app, we’ve seen a marked increase in the use of smartphones and tablets by our corporate customers. At the current rate of growth, we expect to reach USD 100 billion in global payments in the next 18 months,’’ explained  Kee Joo Wong, regional head of Global Payments and Cash Management, HSBC.

HSBC have been an early supporter of contactless payment services within the corporate sector. In December, HSBC renewed its partnership with virtual card number (VCN) experts Conferma, allowing its corporate card customers to pay for hotel reservations with a ‘‘virtual’’ card.

‘‘Mobile payments can improve the financial health of a business. Being paid faster improves a company’s liquidity and cash-flow by extending their ability to pay their own creditors faster,’’ commented Diane S Reyes, HSBC Group general manager and global head of payments and cash management.



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