Research: Financial Transactions Through Mobile Phones Set to Increase

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» IP Communications Industry Research

February 01, 2008

Research: Financial Transactions Through Mobile Phones Set to Increase

By Calvin Azuri, TMCnet Contributing Editor

A report released by Juniper Research (News - Alert) shows that the rush by banks and mobile operators to offer financial services through the mobile phone will lead to just over 612 million mobile phone users generating over $587 billion worth of financial transactions by 2011.

According to Juniper Research, the usage of mobile phones as a tool is a watershed in the history of the sector. In the past, the Automated Telling Machine (ATM

) had revolutionized the banking and cash business in a similar manner, although it had taken around 20 years for the industry to leverage its full potential.

Mobile financial services are being implemented at a rapid rate and Internet banking services are witnessing a similar trend. The ‘fourth screen’ of financial services is the mobile phone, which is now a pocket ATM. This service enables mobile phone users to conduct banking transactions on the fly.

Mobile Financial Services (MFS) has been segregated into two distinct areas - Mobile Banking and Mobile Payments. The Mobile Payments segment has been predicted to create $22bn transactions by 2011 and it is expected that the number of mobile phone users adopting this service will grow to 204 million.

Further details of the study 'Mobile Financial Services: Banking & payment markets 2007-2011' can be downloaded for free from the company's website.

Calvin Azuri is a contributing editor for TMCnet. To see more of his articles, please visit his columnist page .

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