Mobile banking will take off over the next 5 years

Mobile banking will take off over the next 5 years, led by behavioural challenges in the developing world as people who currently have no access to banking or electronic payment services take up mobile banking. mocoNews reports.

Informa Telecoms & Media predicts that in 2013 almost 300 billion transactions worth more than $860 billion will be conducted using a mobile phone, which would represent a 12-fold increase in gross global transaction values in just five years.

-- Informa predicts that by 2013, over 445 million mobile subscribers will be regularly using their mobile phone to purchase physical goods and services remotely.

-- By 2013 there will be 977 million users of mobile banking services worldwide, compared to around 67 million at the end of 2008 forecasts Informa.

-- Informa predicts that by 2013 almost 424 million consumers will be sending over $157 billion of personal funds via mobile domestically whilst a further 73 million will be sending $48 billion of funds via mobile internationally.

Read full article. Image from Palisade .

emily | 9:50 PM | SMS and Banking |
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