Digital banking reaches £1bn a day

Mobile phone and internet banking transactions have reached nearly £1 billion a day, according to a new report.

A study found digital banking is now used for transactions worth £6.4 billion a week
A study found digital banking is now used for transactions worth £6.4 billion a week

The study by the British Bankers' Association (BBA) and EY found the technology was used for transactions worth £6.4 billion a week, up from £5.8 billion last year.

It also said that banking apps for mobile phones and tablets were being downloaded at a rate of around 15,000 a day in 2014.

The Way We Bank Now report said contactless cards were also increasingly popular and were expected to see spending rise to £6.1 million a week this year, up from £3.2 million in 2013.

BBA chief executive Anthony Browne said: "This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies.

"The way we bank now has made it a lot easier for us to keep track of our finances, with far more options about how we spend our money and talk to our bank."

Tariq Khatri, EY partner for digital financial services, said: "Digital banking is really shaking up the market, driving competition and innovation. This is great news for consumers and also potentially for the UK economy.

"The British public's adoption of digital banking has reached critical mass this year and we believe the UK has a unique opportunity to achieve a leading position in digital banking."