Steadily and surely, mobile phone banking is winning a fan base globally.
According to HSBC, even CFOs and treasurers are now willing to go mobile, getting rid of decades-old ways of moving money such as using banker’s drafts and checks for payments.
The British bank’s mobile corporate banking platform – HSBCnet Mobile – recorded $50 billion in payments so far. This is expected to double to $100 billion in the next 18 months given the pace of growth in its usage, the bank said in a statement.
“The world is on the brink of a new era in mobile payments which will revolutionize the way businesses operate. Since the launch of the HSBCnet Mobile app, we’ve seen a marked increase in the use of smartphones and tablets by our corporate customers,” said Kee Joo Wong, regional head of global payments and cash management at HSBC.
Aside from the convenience that mobile banking offers, there are other benefits including improving a company’s liquidity and cash flow since it receives payment faster. In turn, better cash flow will translate to higher credit ratings, improved credit terms, and a boost to the firm’s reputation, HSBC said.
HSBCnet Mobile is available in 54 countries worldwide and in 21 languages.
Photo credit: Elliott Brown via Flickr