The paper shows that people in the UK are now more likely to have a banking app than a social media app on their mobile phone. Almost three in five (59%) Brits say they have a mobile banking app, compared to half (50%) who have social media apps. This trend is most pronounced in the over 65s with 44% saying they have a mobile banking app, compared to the 27% who have a social media app. Two thirds (65%) of over 65 year olds stated that the biggest advantages of online banking and mobile payment solutions are that they’re simple to use while 61% say they save them time and 30% believe they’re a safer way to transact. Mastercard’s findings reveal that with lockdown making it harder to get to the shops, Post Offices, or local bank branches, 30% of people are using banking apps more.
Half (52%) of over 65-year-olds in the UK have used banking apps during the pandemic, with 21% using them more and 23% saying that they are now more confident when using the technology. Six in ten (58%) found it has been easier to use their banking app than they first thought it would be and, interestingly, 100% of users said that they will continue to use their banking apps when life returns to a more normal footing as well.
The research also highlighted that 88% of over 65s believe that contactless payments are a more convenient way to pay, and nearly half (45%) say they’ll use less cash moving forward. A quarter (26%) of over 65-year-olds are also using their mobile phones to make payments, and 42% would consider using other types of digital payments due to their experience with using their banking app during COVID-19.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.