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UK Experiencing Online Banking Boom

by Jason Gorringe, Tax-News.com, London

05 September 2003


Internet banking in the United Kingdom has undergone something of a boom in the last two years, according to recent research, with the numbers using online facilities doubling during this period.

According to a survey undertaken by automated payment services group BACS, the number of people utilising internet banking increased from 3.5 million to 7.8 million in the two years to the end of 2002. The internet has also become a popular method to pay bills and 7.2 million people transferred money online for this purpose in 2002, 44% higher than the previous year. In all, 72 million online payments were transacted in 2002 with credit cards accounting for over half of these according to the BACS survey.

"Our research reveals users typically utilise the service as an informal source to check their statement and balance, but as confidence and trust grows, they start to make transactions, including bill payments and transactions to friends and family," Fergus Rose, head of marketing at BACS, told BBC Online.


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