Banking apps vital to m-commerce take-off

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Research has found UK smartphone users would feel more confident paying for transactions using their mobile if they could do so using an app from their bank

Smartphone users in the UK would feel more confident buying goods and services using their mobile if they could do so using applications provided by their bank, research has found.

The Future Foundation report, ‘M-commerce: what consumers want from financial institutions’, found 57 per cent of UK respondents would trust an application provided by their bank to pay for items via their device.

The research also found over 50 per cent of UK respondents are already buying goods on their smartphone.

However, the appetite to manage finances using a mobile is greater elsewhere in Europe than in the UK. Over half of smartphone users in Spain and Germany, 53 per cent and 54 per cent respectively, want to use their phone to research, and organise their finances, while only 48 per cent of UK consumers want to do the same.

Smartphone shoppers in all three countries said they would buy higher-value items if their bank created an app for them to do so.

Mobile payments technology provider Monitise said: “Consumers place a high degree of trust in their bank’s brand and like all payments ecosystems it is this collaboration to create and share in a bigger prize that will be most successful.

“The winning solutions will be built on these partnerships within digital payments and we are very encouraged to see banks, mobile operators and retailers beginning to work together for the consumer.”

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