Developing Telecoms | Berg Insight predicts 894 million mobile banking users by 2015

17 May 2012

Industry News

LATEST NEWS:

Thai operator secures wireless distribution agreement Financial services project reaching out to millions of Africans Fibre investment on the way in Algeria Android tablets gaining popularity in Southeast Asia Bharti seeking JV takeover as profits slide Solar-powered learning initiative takes off in Uganda GSMA voices criticism of Indian licensing proposals Enhanced mobile broadband deploying across three Baltic countries Market developments lay the foundation for future growth in Iraq India Feels More Shockwaves from the So-called ‘2G Scandal' Overpriced broadband faces fibre challenge in Angola First commercial 4G services go live in Croatia VimpelCom sells Vietnamese assets TRAI advocates new operators entering 2G auctions Romania’s first MVNE launching imminently Indian tax change could provoke legal action from Vodafone Mobile growth slows in Iran as penetration reaches saturation point Thailand close to finalising 3G auction process Internet Exchange Points Spur Internet Growth in Emerging Markets Incoming fibre boosts investment prospects for Burundi 3G on the way in Djibouti, but competition is required Saudi incumbent looks abroad amidst heated domestic competition Orascom serves Algerian government with arbitration notice Kenya’s mobile sector recovering from slump Download deal aims at attracting Indian Android users Bangladesh set for mobile & internet growth as Indian relations improve Android takes the lead in China by doubling market share Liberalisation driving growth for Bahrain’s broadband Partnership agreement drives roaming costs down across nine African countri... Indian 2G licence cancellations affirmed by Supreme Court TeliaSonera in talks over MegaFon’s future HSPA+ upgrade for Thailand’s state operator Growth set to continue in the Philippines despite looming saturation

Berg Insight predicts 894 million mobile banking users by 2015

Monday, 03 May 2010 00:00

Attention: open in a new window.

Berg Insight is predicting that there will be 894 million mobile banking users by 2015. According to new research by the Swedish consultancy, 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% to reach 894 million users in 2015. The information is contained in Mobile Banking and Payments – 2nd Edition.

Over the past year many of the leading players in both the telecom industry and the 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–US$6.2 billion in service revenues.

More info: