Banking by mobile phone will 'overtake internet money management within five years'

More people are expected to manage their money through their mobile phone than via the Internet within five years, predicts a new report from the mobile phone banking group Monilink. The study claims the use of mobile banking looks set to have a faster take-up rate than online banking or even the use of cash machines and credit cards--and the speed at which people adopt the new technology is likely to be accelerated by the current economic downturn. The research stated 50 per cent of people will be managing their finances through their mobile handset within the next five years, rising to 75 per cent by 2020. Article

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