Mobile phones will revolutionise the banking and financial services sector in the same way as the introduction of ATMs did, a new report by Juniper Research has suggested.
The report found that the rush by banks and mobile operators to deliver financial services to the mobile phone will result in just over 612 million mobile phone users generating over US$587bn worth of financial transactions by 2011.
The report categorises mobile financial services (MFS) into two distinct areas: mobile banking and mobile payments. Mobile payments are predicted to generate almost US$22bn of transactions by 2011 and be adopted by 204 million mobile phone users.
“A combination of increased user demand and a desire from all sections of the MFS ecosystem to deliver intelligent applications and services has created an atmosphere that is both creative and pragmatic,” commented report author Alan Goode.
By Niall Byrne