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Mobile and tablet banking taking off in Australia

Mobile and tablet banking taking off in Australia

(12 June 2013 – Australia) Billions of dollars in transactions are now taking place every month, as the number of bank customers who use mobile phone and tablet PCs grow at a massive pace.

Major banks in Australia have all noted the speed the customers have taken to mobile banking is faster than the rate at which internet banking was adopted.

Technology is changing the way people do their banking, pay bills and shop, challenging the idea of a traditional bank, branch, office and even hours.

Westpac Bank launched its iPad application in July 2012 and it has been downloaded more than 270,000 times. Since then the value of transactions made with that iPad app has exceeded A$3 billion.

According to Westpac, the majority of those payments are made outside what used to be considered ''normal banking hours'', and the favourite time for ''tablet'' banking is between 6pm and 10pm.

Commonwealth Bank says more than 480,000 people have downloaded its iPad app.

While it cannot provide recent figures on the value of transactions made over that app, the bank believes more than A$8 billion of payments have been made over its mobile phone app, Kaching.

The most recent figures for ANZ show its mobile-to-mobile banking app, ANZ goMoney, surpassed 1 million users in April, with payments worth about A$2.5 billion being made every month. Transactions worth more than A$35 billion have been made since it was launched.

It says the most popular time of use for that app is during evening commuting between 5pm and 7pm.

National Australia Bank (NAB) reported that since it launched its mobile app in 2009, customers have downloaded it more than 1.4 million times.

Over A$52 million worth of transactions have taken place through mobile banking in that time.

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