Study: Mobile banking revenues of $124 billion over next five years
April 21, 2009
Applications developers and wireless service providers will generate as much as $124 billion over the next five years from mobile banking, according to a new report.
Eight financial applications for mobile phones are forecasted to become part of the daily routine of nearly 2.2 billion mobile phone users worldwide over the next five years, according to Insight Research Corporation, which predicts accelerated growth in mobile banking.
According to the study, called Mobile Phone and Financial Applications Worldwide, 2009-2014, the number of users subscribing to eight selected mobile banking services will more than triple during the period 2009-2014.
Insight research said that, although all the applications run on mobile phones, each application has unique attributes that will influence its market acceptance. The study evaluated the use of mobile banking applications, mobile stock trading, mobile proximity and retail applications, mobile credit cards, mobile bar coding, mobile peer-to-peer applications, mobile gaming and mobile gambling.
Insight Research president Robert Rosenberg said that mobile financial applications will help to shore up financial institutions and bring about the end of the global recession.
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