There is no denying that the mobile phone industry is thriving. With smartphone penetration expected to reach up to 80% by 2015, the devices are growing more and more integrated into our daily routines, with many of us counting on them for entertainment, socialising and even to handle our finances. This has been hugely beneficial for mobile banking firm Monitise, with president Will Jones revealing just how much its customers appear to rely on the technology.

He said: “The peak use for mobile banking is between 7am and 8.30am, which is much earlier than the peak use was for internet banking.
 

“The phone comes on as an alarm probably for most people and the mobile banking app is one of the first things that people engage with, probably when they get on the train for their morning commute to work. It’s spiralling in usage at the moment. What mobile banking is doing really is making possible spontaneous money management.”
 

The latest figures from Monitise certainly seem to confirm this, with the firm reportedly making 2.4bn mobile banking transactions a year. The value of these money transfers amounts to approximately £26bn.