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UK mobile payments doubled in 2013, says BBA

Wednesday, April 2nd 2014 by Richard Murphy
UK mobile payments doubled in 2013, says BBA

The number of mobile payments made in the UK doubled between 2012 and 2013, according to the BBA.

Britons are embracing a mobile banking revolution, according to a new report.

Figures released by the British Bankers' Association (BBA) on Monday (31 March 2014) show UK consumers now make 5.7 million transactions per day using smartphones and other internet-enabled technologies.

In fact, the country nearly doubled the number of mobile payments it makes between 2012 and 2013. Last year, 18.6 million transactions were processed on a weekly basis, compared to 9.1 million in 2012.

Meanwhile, smartphone and internet transactions combined accounted for 40 million payments per week through 2013.

The BBA report, which comprises data from Britain's five biggest retail banks, also showed 12.4 million mobile payment apps have been downloaded by UK consumers to date.

Furthermore, some 457.7 million balance alerts and other messages were sent to account holders through 2013 by SMS.

BBA Chief Executive Anthony Brown commented: "A revolution is underway in how people spend, move and manage their money."

He said innovations such as mobile payments, SMS alerts and contactless cards have connected Britons "more strongly to our banks than ever before", resulting in greater freedom "to handle our money wherever and whenever we please".

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