M-Banking use set to jump
(2 June 2008 – Global) Global research has shown that there will be nearly 900 million users of mobile banking by 2012.
A new report by electronics research company IMS Research, has found that 884 million individual users will complete a total of 62 billion transactions between them in 2012.
The results predict continued rapid expansion from the fledgling banking products in just four years.
John Devlin, research director, IMS Research said that service growth to date is already strong and taking off across a number of markets in Asia, the Middle East and Africa.
He added that when coupled with the growing volume of rollouts and service launches in Europe and the Americas, the number of new users nearly tripled in 2007.
Interestingly, the report also finds that use of mobile phones in many developing markets is far higher than that of banking or fixed line infrastructure. This means that mobile phones are often the only means of access available.
This indicates that mobile banking take up could be much higher in developing markets, while in developed countries, mobile banking is seen as an alternate form of banking.
The results predict continued rapid expansion from the fledgling banking products in just four years.
John Devlin, research director, IMS Research said that service growth to date is already strong and taking off across a number of markets in Asia, the Middle East and Africa.
He added that when coupled with the growing volume of rollouts and service launches in Europe and the Americas, the number of new users nearly tripled in 2007.
Interestingly, the report also finds that use of mobile phones in many developing markets is far higher than that of banking or fixed line infrastructure. This means that mobile phones are often the only means of access available.
This indicates that mobile banking take up could be much higher in developing markets, while in developed countries, mobile banking is seen as an alternate form of banking.
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