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January 10, 2013

Mobile banking users to reach 1 billion by 2017

Up from 590 million this year.

By CBR Staff Writer

The number of mobile phone users using their mobile devices for banking purposes is expected to reach one billion by the end of 2017, compared to about 590 million in 2013, according to a report by Juniper Research.

The report revealed that the developed markets in the Far East, China, North America and Western Europe are expected to have the highest number of users by 2017.

Juniper Research author Nitin Bhas said that from the banks’ perspective the triple play platform is advantageous, as they need not switch suppliers for different approaches and for maximising client reach.

"While messaging remains highly popular and relevant in the financial sector, apps will be the dominant access mode in developed markets with banks reporting an increased number of visits per month on their mobile apps," Bhas said.

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