According to the report, mobile phone banking is gaining considerable traction, thanks to the exploitation of advanced functionalities such as banks bundling MBPP (Mobile Bill Presentment and Payment) services within their overall mobile banking platform and additional momentum from easy-to-use smartphone apps.
Additionally, the report has revealed that users who make bill payments are expected to continue conducting transactions actively and aggressively as they become more accustomed to usage. As consumers engage in increasingly mobile lifestyles, approximately 80 percent of total mobile banking customers will pay their bills via mobile devices by 2016.
However, the report warns that user security concerns, heightened by the rapid growth in spyware and malware, could act as a brake on adoption, particularly amongst older demographics. It argued that this situation would continue unless and until consumers are convinced that mobile device security is of the same grade as online security, if not better.
Finally, the report has found that transaction frequency is set to be higher in developing regions where users do not have many alternative options for bill payments, given the limited physical branch infrastructure. Additionally, increased usage of transactional services will provide impetus to integrating other elements of mobile commerce.
The report titled “Mobile Banking for Developed & Developing Markets” was issued by research firm Juniper Research.
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