"The way people manage their money is undergoing a major revolution, with the number of payments made through banking applications on mobile phones doubling in a year, according to research published on Monday.
Around 1,800 transactions are now conducted each minute on Apple iPhone, Samsung Galaxy and other smartphones.
The British Bankers’ Association (BBA), whose research is the most comprehensive study of customer habits undertaken to date, said daily usage had doubled in 12 months.
In total, 12.4m people have downloaded banking apps, which allow customers to check their balance and make payments at the touch of a button. They used their devices to conduct 18.6m transactions a week last year, up from 9.1m in 2012.
[...]
Nearly 40m mobile and internet transactions were made each week in 2013, according to the BBA. Its research found the average Barclays customer now uses mobile banking 24 times a month, while downloads of the RBS/NatWest app are on course to hit a million this year, increasing its total by a third in just 12 months.
Mr Browne said technological developments, “largely explain” the “seismic decline” in visits to high street branches. Footfall at RBS/NatWest, for example, has fallen 30pc in four years."
Source: Daily Telegraph, 31st March 2014
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