Mobiles could be used for banking

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Mobiles could be used for banking

Fri 30th Apr 2010

Banks are beginning to trial the use of mobile phones in personal banking and it is likely that providers will try to expand into this area in the future, according to an industry source.

Head of PR at UK Payments Jemma Smith explained that individuals may find that they can soon use their mobiles rather than their credit and debit cards for making payments and looking after their finances.

She made her comments regarding a statement from Ovum principal analyst Alex Kwiatkowski, who suggested that m-commerce presents retailers with a "golden opportunity", but financial institutions should not expect people to switch to mobile banking immediately.

Ms Smith added: "The other big change is in contactless payment cards, with around eight million already being possessed in the UK at the end of last year."

The UK Payments representative stated that there are thousands of terminals that will accept contactless transactions and people can request to have the feature added to their existing card.

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