The report states that in 2013, consumers of UK retail banks conducted an average of 5.7 million transactions daily using smartphones and other mobile devices. The report also cites data from the five largest retail banks in the UK, indicating that consumers have currently downloaded 12.4 million banking mobile applications.
Taking Santander UK as an example, the number of mobile payment application downloads by its consumers in 2013 increased by over 40% compared to the previous year. Barclays' data shows that the average consumer uses mobile payments 24 times per month.
The Chief Executive Officer of the British Bankers' Association, Anthony Browne, stated that the mobile payment revolution not only connects banks and consumers better and more freely but has also significantly reduced the number of customers visiting bank branches.
