Banking transactions on mobiles double

THE NUMBER of bank transactions made on mobile phones has doubled in a year, according to new figures.

More than 5.7 million transactions a day are made using smartphones and other internet-enabled technology, said a report from the British Bankers’ Association.

The BBA’sWayWe Bank Now study also reveals that customers of the five biggest retail banks have downloaded more than 12.4 million bank apps and used their devices to conduct 18.6m transactions a week last year, up from 9.1m in 2012.

Mobile banking allows customers to pay bills, make transactions and interact with their bank through their devices.

The study also revealed that more than 28m debit and credit cards are fitted with contactless technology and 450m SMS balance alerts were sent to customers last year.