Millions of Britons are now doing their banking by mobile phone, driven by the latest smartphone apps which are revolutionising the mobile banking world.
In just six months Monitise, which provides mobile banking services to 240 banks in the UK and USA, has processed more than 20 million mobile app banking enquiries and transactions.
Using smartphone apps, people can check their bank balances, read mini-statements, transfer money and set up and receive SMS alerts safely and easily on their phone anywhere in the world.
Monitise’s mobile apps are now being used at the rate of a million a week as more people upgrade their handsets and discover how quick and easy mobile money management really is.
Monitise mobile apps run on iPhones and handsets from other top manufacturers including Blackberry, Nokia and Motorola, and the company is also working on an application for handsets using Google’s Android software.
Alastair Lukies, chief executive officer of Monitise, said: “The success and popularity of Monitise’s apps illustrates just how smartphones are completely changing the face of mobile banking. A sea change is well underway in how people manage their day to day finances as they realise how simple, slick and fast mobile banking is, as easy as a few taps on a keypad.
“These figures show how money management by mobile phone is becoming mainstream. As the services become more sophisticated and comprehensive we expect uptake will accelerate markedly.”
Monitise’s Mobile Money Manager platform provides the innovative technology behind leading personal financial management smartphone apps, as well as for banking by text message.
It handles around 100 million enquiries and transactions a year, on over 2,700 different types of handsets for over two million people.
As well operating in the UK and USA, Monitise has a joint venture to develop mobile banking, payment and related services in the Asia Pacific region, beginning in Hong Kong later this year.
Last year, Monitise signed a five year Global Alliance Agreement to supply its Mobile Money Manager platform to Visa Inc. which has 1.7 billion card-holders across the world.