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Mobile payments gain ground

04/08/2016 10:18
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Mobile banking is a trend that hasn't stopped growing since 2008 and is expected to continue to do so at least until 2019.

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The report Mobile in Spain and in the World 2015 published by Ditrendia points out that banks continue to lead transactions via smartphone. Users who use their cell phone more often to make payments are those aged between 30 and 39.

In the last quarter of 2014, mobile transactions reached 25.4 billion dollars and in 2015 they are expected to stand at 39.9 billions. Moreover, 800 million people accessed their accounts via cell phones, and this figure is expected to double in the short term.

Young people are the most frequent users of mobile banking: 45% of them claim that they only access their accounts via smartphone. The services most widely used by this target group are account payments - 40%- and transfers -26%- , according to the study.

Payments made in shops using smartphones have also increased: at the end of last year they stood at 10%, while the figure in 2014 was only 4%. In addition, this type of payments are expected to increase this year by 1,000% worldwide. In the last two years, the use of cell phones as a means of payment increased by over 50%. And 32% of smartphone users are considering using mobile banking in the near future.

This report points out that despite the fact that the favorite means of payment continues to be cash, digital wallets are making progress and becoming the preferred means of users. 76% of people with mobile banking apps say they use it on a regular basis because they are happy with this means of payment.

But even though these apps are increasingly popular, they are still unknown to more than 50% of the world population. Nearly half the Spanish population -45%- are predisposed to pay with their smartphone. And the places where they really see the usefulness of this means of payment is public transportation, public parking lots and gas stations.

Most financial institutions are speeding up the implementation of their digital strategies. But most banks admit that there is still much work to be done to meet the needs of their customers. Only 20% of banks consider that these apps are among the main channels for offering their services.

You can read the full report here.

By BBVA Innovation Center