Mobile banking to become commonplace

Mobile phone banking services are likely to increase in popularity in the foreseeable future, an expert has said.

According to Thomas Newton, mobile phone specialist for UK Web Media, following the launch of HSBC’s banking services for Blackberry users this month, many other companies could very soon follow this lead.

He noted that if HSBC’s service on Blackberry takes off, the business internet banking platform will become available to other smartphone users and will be adopted by other high street banks.

Mr Newton commented: “With Barclays, Nokia, O2 and Trans TFL already trialling a scheme which sees commuters and shoppers able to pay for their tube tickets and goods by swiping their mobile handsets in the fashion of a traditional barcode reader, it looks [like] banking and making purchases on your mobile is something we could get used to.”

According to HSBC Commercial Banking, its new service for Blackberry users means that business customers can now monitor their transaction via their phones, access real-time balance and transaction information and track balances on foreign currency accounts.