Research by KPMG revealed that 27 per cent of Brits said they had used some form of mobile banking during the last six months.
However, the study found that concerns surrounding security and privacy, which were preventing more consumers from using the service.
When using mobile payments technology, two-thirds of respondents said they were concerned that their credit card details would be intercepted by an unauthorized party - another 62 per cent felt there was a threat that their personal details could be accessed.
Tudor Aw, KPMGâs European head of technology, said: âConsumersâ concerns over privacy and data security have increased over the last few years and companies across all sectors need to take this concern seriously.
âWhether its retailers or banks, consumers want transparency as to what companies do about data security and they want third parties to certify this security.â
Further results showed that 53 per cent of respondents would be willing to store personal data on the Internet.
By Jim Ottewill