Internet banking use doubles

The use of internet banking has doubled in the UK over the past two years as customers become more comfortable with online transactions.

According to payment services provider BACS, the number of customers paying bills or transferring money has risen from 3.5 million in 2000, to 7.8 million in 2002.

BACS attributes this increase to consumers becoming increasingly confident with online and telephone banking services.

Over 16 million consumers use remote services for checking balances and making payments, according to Fergus Rose, BACS' head of marketing.

"Customers typically use the service as an information source to check their statement and balance, but as confidence and trust grows they start to make bill payments and transactions to friends and family," he said in a statement.

BACS said that a total of 72 million payments were made in 2002, with the most popular being the settlement of credit card accounts and bills.