HSBC-LogoThere’s glee and a spending spree for HSBC as over $100 billion in mobile payments have been made by its corporate customers.

The bank says the $100 billion sum was authorised globally through the HSBCnet mobile corporate banking platform since its launch in 2011. The total transaction value of mobile payments has more than doubled in the last 18 months, indicating that “corporate usage has moved into the mainstream”.

Nadya Hijazi, global head of e-commerce, global liquidity and cash management at HSBC, says: “Business uptake of mobile payments is gathering significant pace, as the functionality and flexibility of this channel gains trust and acceptance in finance and treasury departments globally.”

Based on its figures, the volume of mobile payments made by chief financial officers and corporate treasurers has also “sharply increased”. A total of 1.2 million payments have now been made since the platform’s launch. So far in 2016, more than 564,000 mobile payments were made by HSBC’s corporate customers, compared with 371,000 in 2015.

HSBC launched its Android and Apple smartphone app for corporates globally throughout 2014 and 2015. Since then, more than 76,000 corporate users have downloaded the app and transactions authorised via the app are now nearly equal to transactions authorised via the mobile website.

HSBC’s corporate mobile platform is now used by approximately 42,500 corporate customers, who access the service from 57 countries. Currently, the UK has the highest number of registered corporate customers, followed by Mexico and then the US.

The bank adds that HSBCnet Mobile now notifies chief financial officers and treasurers of payments ready for authorisation and also enables them to authorise cross-border payments and book foreign exchange rates.