Mobile phone banking 'to rise in popularity'

People will increasingly be able to access bank accounts and carry out financial transactions using their mobile phone, it has been reported.

The Australian banking industry is increasingly focusing on mobile banking, it has been suggested.

While recent years have seen internet banking become more popular, an article in the Daily Telegraph points out the next major trend will see consumers access their bank accounts and other personal finance vehicles via their mobile phone.

As such, a number of banks are set to invest heavily in these services over the coming months, with iPhone users in particular to be targeted.

Among them is the National Australia Bank which is set to relaunch its mobile banking service next month to allow users to pay bills and transfer money from accounts using their mobile.

Meanwhile, Ean van Vuuren, head of consumer online at Westpac, points out that mobile banking could prove to be more secure than logging on to accounts via a desktop computer.

"It gives great peace of mind because you know you are the only person using your phone," states Mr van Vuuren, as opposed to an internet cafe computer which he claims may not be entirely safe from the threat of cybercrime.

Earlier this month, the Commonwealth Bank of Australia revealed a new bank account service where customers can choose to receive a text message reminding them when they are due to make a credit card payment.

Written by Bret Clement