Banking News

Mobile banking continues its rise

Mobile banking continues its rise

(6 June 2019 – United Kingdom) Nearly half of UK adults used mobile banking in 2018, the latest report by industry body UK Finance found.

The report underlines the pace of change in payment methods over the past decade, with more people choosing phones, tablets and computers to pay for goods and services.

The use of contactless technology has jumped by 31 per cent in the past year, as the popularity of the “touch and pay” system drove a rise in the take-up of debit cards, UK Finance said. More than two-thirds of the adult population (69 per cent) made a contactless payment last year, compared with 63 per cent in 2017, and nearly the entire adult population (98 per cent) now owns a debit card.

The changing payments landscape raises concerns for merchants and their banks about how best to keep up and exceed customer demand.

Internet and mobile payment platforms have been identified in E&P’s Merchant Payment program as key product priorities for a number of rounds, reinforcing the importance of acquirers being ahead of the market in order to lead and guide their merchant clients: Internet and mobile payment platforms are the key product priorities for merchants

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