Banking apps surpass social media's popularity amid pandemic

Thursday 19 November 2020 13:52 CET | News

Mastercard has conducted research on people, including older generations, flocking to mobile and online banking amidst the COVID-19 pandemic.

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.

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Keywords: MasterCard, UK, banking, app, social media, popularity, pandemic, online banking, mobile banking, COVID-19
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech