It's also a favourite stat of the UK space industry that a large percentage of UK GDP is vaguely linked to space in some way, and "some of your financial transactions touch a satellite uplink or require location data" is one of the more tangible non-obvious ones.

Those apps can all be replaced by a website, and most banks already have those websites, which means if all the banking apps on earth stopped working right now the solution wouldn't involve anything more complicated than stabbing your finger at different icon on your phone and typing the name of your bank into a search engine.

It's not and it's also not uniquely a British thing either. Most of my friends and myself use our phones as wallets, in the US. The only time I use my physical cards is to pull cash from the ATM, ha.

Why does a banking app require GPS?