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Mobile Banking and Payments – 2nd Edition
Berg Insight AB, April 2010, Pages: 141
Report predicts 894 million mobile banking users by 2015
According to a new research report by Berg Insight, the worldwide number of users of mobile banking and related services is forecasted to grow from 55 million users in 2009 at a compound annual growth rate (CAGR) of 59.2 percent to reach 894 million users in 2015. Over the past year many of the leading players in both the telecom industry and financial sector have intensified their efforts to bring financial services to the world’s unbanked population. Asia-Pacific is expected to become the most important regional market, accounting for more than half of the total user base. Mobile banking is also anticipated to play a key role in bringing financial services to people in the Middle East and Africa. In Europe and North America, the technology will mainly serve as an extension of existing online banks as mobile handsets become more widely used for Internet access. By 2015, Berg Insight forecasts that mobile banking will attract 115 million users in Europe and 86 million users in North America. “The global number of mobile banking users more than doubled between 2008 and 2009, and is expected to almost double again in 2010. Mobile handsets are in an excellent position to become the primary digital channel for providers of banking and related financial services on emerging markets,” said Marcus Persson, Telecom Analyst, Berg Insight. “People who sign up for their first mobile subscription today will likely open their first bank account in the coming years and thus join the modern financial system. Mobile operators can play a vital role in this development and will have the opportunity to take an active part in the creation of some of tomorrow’s most important financial institutions based in Asia and Africa.” In addition to traditional retail banking, the report also identifies international money transfer as an important revenue source for mobile industry players. Berg Insight forecasts that 3–15 percent of the international money transfers currently handled by various formal or informal agent networks will be carried out using a mobile handset by 2015, generating US$ 1.2–6.2 billion in service revenues.
Mobile Banking and Payments is the second consecutive report from berg Insight analysing the rise of the mobile handset as a device for payments, money transfer and banking worldwide.
This strategic research report from Berg Insight provides you with 130+ pages of unique business intelligence and expert commentary on which to base your business decisions.
This report will allow you to understand the dynamics of: Payment services based on premium SMS, WAP billing, transactional networks and credit cards.
Money transfer services for subscriber-to-subscriber financial transactions within and between countries. Mobile banking services for banked populations in the Western World and unbanked populations in emerging markets.
NFC as an enabling technology, fusing the mobile handset and the credit card into a unified payment device. The ecosystem required for providing financial transaction services in the mobile environment.
This report answers the following questions:
- How can mobile technology be applied to extend the reach of today’s online banks?
- What is the true potential for providing mobile financial services to the unbanked population?
- Who are the most important players to watch in the mobile banking and payments industry?
- What are the business opportunities for mobile operators in international money transfer?
- How will mobile payments evolve beyond premium SMS?
- Why are public transport organisations adopting mobile ticketing technology?
- What is the current status for network independent WAP billing?
- What will be the future role for transactional networks and credit cards in mobile payments?
- When will NFC allow integration of payment cards in mobile handsets?
Who Should Buy this Report?
Mobile Banking and Payments is the foremost source of information about the status, future trends and technology developments on this market. Whether you are a bank, telecom vendor, mobile operator, investor, consultant or application developer, you will gain valuable insights from our in-depth research.
About the Author
Marcus Persson is a Telecom Analyst with a Masters degree in Electrical Engineering from Chalmers University of Technology. He joined Berg Insight in 2008 and his areas of expertise include Mobile Value Added Services and the market for mobile broadband.
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