Seven out of 10 millennials in Britain use their smartphones to keep their financial affairs in check, according to the latest research from Visa.
The third digital payments study by the financial and payment cards company asked over 42,000 Europeans – including more than 2,000 UK respondents – about their attitudes towards alternative forms of payment and money management.
The results found that 69% of British people aged 18-34 claimed that they have used a mobile banking app, with over half (53%) stating that they do so regularly.
By comparison, 38% of all respondents across the country regularly use a banking app.
The findings reflected both increased investment in digital offerings from traditional providers, and a growing number of app-first ‘challenger banks’ joining the market.
UK consumers are also taking advantage of the increased ability to quickly and securely make payments on their phone.
Over a third (34%) claimed they had now made a peer-to-peer digital payment through a mobile device, with millennials again leading the way (59% have sent money via a smartphone to a family or friend).
Some 35% of 18- to 34-year-olds claimed they would rather make peer-to-peer payments using biometrics, compared with the national average of 30%, while 37% would like to use the technology in conjunction with a banking app, compared with 31% of all respondents.
Jonathan Vaux, executive director of innovation partnerships at Visa, said: “Mobile technology has revolutionised the retail banking industry.
“Until relatively recently, simple transactions such as transferring money between accounts meant visiting a bank branch in person.
“We are now seeing banks embrace the flexibility offered by apps to reduce the pain points for customers and allowing them to stay on top of their finances while on the move.
“In essence, anyone with a smartphone or tablet is now able to take their bank branch with them wherever they go.”
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