Business Services Industry

Online banking increasing in the UK

Internet Business News, Sept 8, 2003

INTERNET BUSINESS NEWS-(C)1995-2003 M2 COMMUNICATIONS LTD

Payment services group BACS has completed a report showing that the number of consumers in the UK using online banking services has doubled in the last two years.

In 2000 there was just 3.5m people using some form of online banking service yet this figure rose to 7.8m by the end of 2002. Similarly, the number of people that are paying bills or transferring money over the Internet or telephone has also increased by 44% from 2001 to 7.2m in 2002. There was a total of 72m payments made online last year, of which approximately half were credit card payments.

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