Forecast: 37B Annual m-Banking Transactions by 2011

• Posted: Friday, April 18, 2008
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• Author: pradhana
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• Filed under: Online Services

The annual number of global mobile banking transactions will rise from 2.7 billion in 2007 to 37 billion by 2011 according to a new report by market analysis firm Juniper Research, which credits the anticipated growth to the increasing variety of mobile financial information services, funds transfer, bill payment and presentation, account management and customer service solutions.

According to Juniper, more than 816 million consumers will access mobile banking services and products by 2011, a tenfold increase over 2007 numbers -- the firm adds that increasing consumer confidence bolstered by improved security safeguards will be crucial to m-banking's growth, but hurdles like financial regulation, payment transaction costs, revenue share issues and customer support snafus remain.

Other key findings of the Juniper report:

• The China/Far East region will boast the greatest number of mobile banking users, followed by Western Europe and the Indian sub-continent.
• Financial information services will be the most popular mobile banking product.
• Worldwide average financial transaction values are expected to nearly double over the 2007-2011 period, increasing as much as four times over in many emerging markets. [FierceMobileContent]

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