A study has predicted that the majority of people in the UK will be using mobile phones to make their monetary transactions within the next three years.
According to consumer think tank the Future Foundation, most people will be managing their cash, buying items and paying bills with their mobile phone by 2014.
The survey showed that mobile phones are already being used to manage finances by about 10% of consumers – double the proportion of two years ago.
With banks and retailers making it more convenient for consumers to pay for goods and services with their mobiles, the number is likely to grow to more than 50% within the next three years, the think tank said.
Commissioned by mobile banking services group Monitise, the study said the development of “tap-and-go systems” is largely contributing to the growth of mobile banking.
These enable people to pay for low-value transactions by tapping their mobile phone against a contactless payment reader.
Barclaycard and Orange became the first group in the UK to offer contactless mobile payments last week, with customers able to use their phone to buy things in more than 50,000 shops and food outlets across the UK.
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