Mobile banking 'set to explode'

By Editorial Team (Wednesday, 22nd August 2007)

The number of people using their mobile phones to check bank balances and access mini-statements is growing steadily, a technology firm has claimed.

Mobile banking company Monitise has said that an "explosion" in the market is already underway, before predicting that its services will be used by a third of Britain's current account holders by this autumn, the Guardian reports.

The UK-based firm, which already has partnerships with mobile operators Vodafone and Orange, has claimed that its service is more secure than normal internet banking because it identifies customers using a pin number and does not leave any sensitive data behind, unlike a desktop computer.

Monitise chairman Duncan McIntyre said: "We are trying to be the electronic bank in your pocket.

"I am relatively confident that within the next 12 months we'll have most big-name banks signed."

A study by Juniper Research has forecast that 204 million people will be regularly using mobile phones to buy goods and make other transactions by 2011, generating £10.9 billion for businesses around the world.

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