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London leads mobile banking revolution

London leads mobile banking revolution

Category: Banking

Updated: 26/02/2016
First Published: 26/02/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Have you got onto the mobile banking bandwagon? It could depend on where you live, with research from Paym showing that Londoners are clearly leading the way when it comes to banking on the go…

Smartphone savvy

The figures show that 60% of those in the capital use their smartphone to manage their finances, the highest proportion of any region. However, Northern Ireland is close behind, with 59% of residents conducting their banking needs via their phone.

The next regions on the list have some catching up to do, with 48% of those in the North East and Yorkshire regularly using their phone for banking matters, and way below that are consumers in the South East and South West, where just 42% use a mobile banking app.

Those lower down the list could well be missing out, with mobile bankers arguably being far more financially savvy. One in three log on every single day, giving them an almost real-time view of where their money's going, and potentially helping them to stay in control of their cash far better.

Of course, there's always the internet, and this remains the most popular form of money management, with 82% of respondents using online banking on a regular basis. However, they're far less likely to log in every day – just one in four internet bankers do so – which suggests that mobile bankers could be better at keeping track of their money.

Continued growth

Such frequent use of mobile banking apps is underpinned by the popularity of smartphones for internet connectivity, says Paym, with Brits now spending 1hr 9 minutes every single day surfing the net on their smartphones – not far behind the 1hr 16 minutes spent online via computers and laptops.

Not only that, but the rising popularity of mobile banking apps is, in turn, helping to drive growth in Paym payments, where people can send money to another current account using just a mobile phone number.

In fact, the number of Paym transactions made is almost doubling every six months, with the figures showing that 1.46m payments were sent in the second half of 2015 – an 89% increase on the 774,628 sent in the first six months of the year. To date, more than £146m has been sent via this method since the launch of the service in April 2014, and by all accounts, that figure could grow rapidly in the months to come.

Craig Tillotson, chairman of Paym, commented on the findings: "Smartphones have revolutionised our day-to-day lives, so it's no surprise they are doing the same to how we manage our money.

"More than one in three people who use a mobile banking app log in every day, helping to make idle moments like train journeys more productive. Paym adds even more simplicity to this convenience – it's possible to pay back a friend using their mobile number wherever you are, whenever you want."

What next?

Find out more about Paym

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.