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More US banks adding mobile payments technology

A greater number of banks are embracing the trend towards mobile banking among their customers, according to a new report.

The Independent Community Bankers of America survey revealed that the use of mobile payments is increasing at a host of community financial institutions (FIs).

It revealed that 37 per cent of these organisations currently offer mobile payments, which represents a 23 per cent increase since 2011.

Larger community FIs are leading the way with mobile payments, as 54 per cent of organisations with $500 million or more in assets offer mobile payments. Slightly smaller institutions, with assets between $251 million and $500 million are following closely, at 46 per cent.

Just 59 per cent of community FIs said that growing their bottom line is one of the main reasons to offer mobile payments, indicating they have embraced the technology to offer better services to their consumers.

By Claire Archer