A study by ING Direct showed that the figure is expected to rise from the 35 per cent of smartphone users who have used mobile banking during the last 12 months.
The take-up of mobile banking is most prevalent with 18-34 year-olds who make up more than half of current users - this number is expected to increase to 66 per cent during the next two years.
Security was highlighted as the biggest issue stopping smartphone users from mobile banking while 56 per cent said they were content banking online.
Charaka Kithulegoda, chief information officer at ING DIRECT Canada, said: "It's not surprising that security is one of the biggest concerns given that the popularity of mobile banking has only recently started to pick up.
âThe fact is mobile banking applies the same stringent security measures as traditional online banking websites.â
Further findings from the study revealed the most common uses for mobile banking among the survey respondents - these included checking account balances, paying bills and transferring funds.
By Jim Ottewill