Mobile money transfer apps are surging in popularity and are beginning to compete with cashpoints, according to a poll of UK consumers.
Asked whether they had used mobile money transfer apps in the last week, 47% of those polled said yes, while 62% said that they had used a cashpoint. Fifty-two percent said that they had used a banking app and 29% had used an app to pay for products or services.
The ‘in-the-pocket’ convenience of mobile financial apps is creating a ‘cashpants generation’ that the developers of money transfer app XOPO who carried out the research believe will eventually supersede the ‘cashpoint generation’ that started with the installation of the first cashpoint in Brentwood in Essex in 1972.
Surprisingly, the poll found that the majority of active mobile financial app users were in the 35-44 age bracket, defying received wisdom that early adopters of free or affordable new technology are typically in their teens and twenties.
“The convenience of cash transfers on the move is starting to have a real effect on consumer behaviour,” said Sudhesh Giriyan, COO of Xpress Money, global money transfer firm. The firm’s mobile money transfer app launched in the UK earlier this year and popularity has beaten expectations.
“Part of the reason for the popularity is the opportunity that otherwise wasted time gives users to catch up on admin,” he added. “Transferring funds on a morning commute, for instance, or making a payment wherever you are, helps users to manage their time far more effectively.”
XOPO users can transfer funds anywhere worldwide from their mobile device instantly. Transfers are free for an introductory period. The app is downloadable from the iTunes app store and is free.