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Londoners lead mobile banking switch

People in London are the most likely to manage their finances using a smartphone, according to a survey of consumers in England and Wales

People living in London are the most likely to manage their finances on a smartphone, according to research from Paym.

The research of 2,500 adults in the UK, carried out by TNS, found that 60% of Londoners use mobile devices to manage their accounts.

Londoners just came out ahead of the Northern Irish, with 59% of the latter carrying using mobile banking.

The take-up in other regions was 48% in the north-east and Yorkshire, 47% in Wales and the west, 46% in the north-west, and 42% in the south-east and south-west.

The survey also found that one in three people who use mobile banking check it every day. Internet banking is the most popular way to manage money, with 82% using it.

It is not just money management that mobiles are being used for. The number of Paym payments, which are sent from a mobile to another mobile using a number, is almost doubling every six months, with 1.46 million payments sent in the second half of 2015, up from 774,628 in the first six months of the year, said Paym.

Paym chairman Craig Tillotson said smartphones have revolutionised the day-to-day lives of people, and are now doing the same to their money management.

“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.” 

Read more about Paym

More than 3.2 million people have registered their mobile number to receive payments via Paym, and the mobile banking apps of more than nine out of 10 current accounts have Paym capabilities built in. Since its launch in April 2014, over £146m has been sent via Paym.

Separately, research from EY revealed that high-income young people are the biggest group of early adopters of the alternative ways of banking using fintech services. It found that those earning more than £106,000 a year were the biggest user group in income terms, with 44% using two or more fintech products and services.

The study confirmed that alternative payment methods are in demand, with payments and transfers the most common use of fintech, used by 17.6% of respondents.

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