Due to the advancement in the mobile technology, the users of mobile banking are increasing. Mobile banking is considered to be efficient for ease of use and access.
According to a press release, Pyramid Research says the numbers of people utilizing mobile banking are increasing significantly. Recent research by Pyramid states that the numbers of users in Latin America will grow 65 percent between 2010 and 2015, from around 18 million users to over 140 million users.
Pyramid Research believes that Latin America has achieved the right conditions to smoothly increase the uptake of mobile financial services, including banking and payments. Banking penetration is low in Latin America, but by 2015, 85 percent of the total population will be an active user of a mobile device making those devices a clear entry point for adjacent services such as payments, banking and remittances.
"Technological advances are making the fulfillment of the promise of a broad mobile banking and payment service a real possibility, Also, all larger markets in Latin America have more than 35 percent of their population under the age of 24, making this the perfect time for operators to focus on mobile banking services.” says Jose Magana, senior analyst at Pyramid.
Magana indicated that mobile operators will benefit from mobile banking in multiple ways including airtime purchases, more billable network traffic such as data and SMS, and an increase in customer loyalty thus improving the churn rate and helping the system to be faster in providing back-end services through their network, handling large amounts of data smoothly and making their network handsets payment friendly by partnering with payment vendors, such as Visa or MasterCard (News - Alert).
In other company news, TMCnet reported that Pyramid Research's quarterly smartphone forecast stated that total handsets sold to end users globally will reach 1.46 billion in 2011.
Mandira Srivastava is a TMCnet contributor. She works as a full-time writer, ghostwriter and blogger, and has more than two years of experience in print and Web media. She has also worked on company brochures, website content and product descriptions, as well as proofreading and editing content. To read more of her articles, please visit her columnist page.
Edited by
Jamie Epstein
