Thursday, May 12, 2011

Mobile Banking Surges as Emerging Markets Embrace Mobile Finance

• Over 50% of consumers in rapid growth economies* want to use mobile phones for greater access to financial services

• Mobile phones set to become the ‘virtual debit card’ in rapid growth markets where demand exceeds developed markets by 18%

Global use of ‘mobile finance’ surged in the past year as the spread of new technology and mobile banking infrastructure drove a huge increase in take-up rates around the world, new research from TNS, the world’s largest custom research company, reveals today.

In countries as diverse as China, Brazil and Kenya the number of new users of mobile banking soared over 100% in 12 months, as banks leapfrogged traditional service models and moved directly to mobile. The increases were not restricted to emerging markets alone though: take-up rates also surged in the UK, USA, Singapore, South Korea and Sweden where banks offered customers new services via their mobile handset. For example, people can manage their money from the mobile phone handset, via SMS message or smartphone app, and check their balances, move money between accounts, pay bills and, increasingly, buy goods and services.

Analysing the findings, James Fergusson, Global Technology Sector Head at TNS, said: “Mobile finance technologies have the tremendous capacity to be transformational in rapid growth markets, empowering consumers by giving them greater access to financial services.

“The necessity, marked interest and the blossoming mobile finance infrastructure means that countries such as Brazil and China have the right ingredients to drive mobile finance growth, not just in their own markets, but globally as well.”

The research has been released as part of TNS Mobile Life, an annual report on mobile consumer usage, and reveals a wealth of opportunities for banks, retailers and mobile service providers to develop for existing and potential customers.

To view the percentage increase in mobile banking usage from 2010 to 2011 and read more on mobile banking, click here:

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