New research suggests the majority of UK consumers are unlikely to recycle mobile phones in order to obtain a handset capable of undertaking banking on the move.
A report by Datamonitor showed that just 16 per cent of Brits are convinced by the technology that allows users to carry out basic financial functions using such devices, reported the Press Association.
In comparison, 60 per cent of respondents in Brazil value mobile banking and see the importance of it in the future.
Speaking to the newswire, analyst at the research organisation Daoud Fakhri suggested financial institutions must take action if they are going to win over users.
"Although UK banks will start to catch up with other markets in the coming years, they will need to ensure that they're able to get the basics right and provide seamless day-to-day service," he was quoted as saying.
This week, Sony Ericsson revealed it intends to launch a mobile banking service, as it has noted that up to one billion people worldwide have no bank account but own a cell phone.
It estimates the international market will be worth about €20 billion (£17 billion) a year by 2015 and hopes to account for a share of it by developing technology to allow certain transactions on the firm's handsets.
According to Datamonitor, the UK is currently lagging behind several countries including India and Russia, where banking transactions via mobile phone are common.
The Press Association explained that Brits are generally only able to view text-based functions with their handsets, such as checking bank balances.
Among the features that customers in other countries boast are the ability to transfer cash with only the payee's phone number and a variety of money management applications.
With Sony Ericsson announcing its intention to develop its operations in this area, users in the UK may soon be recycling mobile phones for cash in order to purchase a handset that is capable of using the new technology.