A report released by Juniper Research has suggested that nearly one in ten mobile phone users will pay their bills via their device within four years.
It predicts that a growing user acceptance of mobile banking and sharp rise in smartphone adoption will drive an increase in the use of banking services on the device up from 185 million in 2011 to over 550 million in 2016.
The Mobile Banking for Developed & Developing Markets report noted that mobile phone banking is gaining considerable popularity due to the increased functionality in smart devices.
This could be attributed to the meteoric rise in the number of people using smartphones, which Kantar Worldpanel ComTech noted was over 50 per cent of the UK population.
“Customers are becoming increasingly more confident in using basic informational mBanking services,” Juniper’s Research director Windsor Holden said, before adding it is the flexible timing that is at odds to the 9 to 5 nature of a bank that attracts people.
Posted by Peter Robinson