Banking on the Go?

We have been talking lately about using mobile devices for various retail purposes: shopping, comparing, coupons, etc. But do you use your mobile device for banking?

Well, it’s catching on!

According to a recent article on

…adoption of mobile banking among U.S. adults has more than doubled in the past two years to reach 16 percent in the fourth quarter of 2010… mobile banking will grow by an average of 20 percent per year over the next five years to reach 50 million U.S. adults by 2015.

So, how are we using mobile banking? So far, it seems mostly for informational purposes:

  • 70% use mobile banking to check their account balances
  • 33% use it to view their statements

BUT… using mobile banking for the purpose of actual, you know, BANKING is starting to catch on as well, with 30% using it to transfer money between accounts, and 27% using it to pay bills.

So, how about you? Do you use your phone for banking? What do you like about it? Do you think it’s “safe?” Let us know!

One thought on “Banking on the Go?”

  1. I’m very happy for every device or way of doing some thing.The way I see it cellphone banking will save evryone time and money ,time is money so time saved from travelling to the bank can be used oing something else so as long as it is proven safe I’m all for it.

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