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Mobile banking users to grow at 59.2% CAGR by 2015

Posted: 04 May 2010     Print Version  Bookmark and Share

Keywords:mobile banking  forecast 

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. The worldwide number of users of mobile banking and related services is forecasted to grow from 5.50 crore (55 million) users in 2009 to reach 89.40 crore (894 million) users in 2015, according to Berg Insight. This result would be achieved at a compound annual growth rate (CAGR) of 59.2 per cent

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 11.50 crore (115 million) users in Europe and 8.60 crore (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 per cent 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 Rs.5,541.24 crore to Rs.28,629.74 crore ($ 1.2–6.2 billion) in service revenues.

For more statistics and forecasts, click here.

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