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Report19 July 2018Updated one minute ago

Mobile Banking 2018 - How do you prefer to pay?

Our latest ING International Survey Mobile Banking 2018 asks nearly 15,000 people across Europe, the USA and Australia how they are using their mobile devices to bank, shop and pay

Executive summary

Whether in person or transacting online, cards and cash now share the limelight with many other convenient methods of banking, shopping, and paying.

Our survey shows a growing number of smartphone owners leading the charge - supported by greater internet penetration. High shares cite a range of reasons for managing money on mobile devices including convenience, availability of services, comfort, security and an absence of fees.

So far, fifty-eight percent of people in Europe are sticking with their main bank for money services but others are spreading their wings to choose other personal finance technologies.

One in five have transferred money via organisations other than their main bank in the last 12 months; 15% have done so to make peer-to-peer payments; 13% used digital banking services, and 9% borrowed money. Our full data set reveals people's reasons for moving beyond their main bank as the ability to make payments whenever they want.

Those who were hesitant of new types of payment options suggested that changing the way they pay wouldn’t add extra value for them. Of those who say they wouldn't use any of the suggested digital ways to pay, 44% say “I always have my card or cash with me anyway”; 42% don't see any added value compared to the payment methods they currently use; 36% say they have concerns about data collection and storage, and 27% say the methods are “unsafe”.

So mobile banking and spending depends on many factors including the availability and reliability of services and the perceived value and convenience of use. Overall we see a significant increase in mobile banking; a trend that deserves to be kept on your radar.