Monday 31 March 2014 12:33 am

Mobile banking transactions doubled in 2013

MORE than 2bn banking transactions will be carried out using mobile apps this year, the British Bankers’ Association said today, in a new landmark for the industry. The number of transactions on mobile phones and other devices more than doubled last year to 18.6m per week, and the pace is accelerating. Currently 5.7m transactions are carried out each day, amounting to more than 2bn a year. And RBS’ apps alone have already processed more than 1bn transactions. It compares starkly with the use of high street branches – transactions in RBS’ physical stores have fallen by 30 per cent over the past five years. However, the banks argue some branches will still be needed and will remain central to their business. Barclays said accounts can now be opened in three minutes using an iPad app in store, compared with 60 minutes with a PC. “Make no mistake, the branch will remain integral to banking services in the 21st century – especially for those big moments in life such as arranging a mortgage,” said BBA chief Anthony Browne. “But the day-to-day use of branches is falling and part of that is because there is a groundswell of people who now find that banking on the move is fast, easy and convenient.” KEY BANKING STATS ■ Apps are used for 5.7m transactions every day – more than 2bn per year. ■ 12.4m Britons have downloaded banking apps to their phones and tablets. ■ 24.8m contactless payment cards have been issued. ■ Last year Brits made 14m contactless transactions. RBS expects 44m this year and 250m in 2023.