There are millions of people using mobile phones and most of them also use internet facility on their mobile.
Mobile banking is one such facility that takes complete advantage of the internet through mobile phones.
The service allows mobile phone users to carry on with bank transactions via their cellphones.
According to Juniper Research, the number of people who would prefer to do their banking transactions via their mobile phones would exceed 150 million around the world by 2011. Around 70% of total number of users would be from developed nations of Western Europe, Far East and North America. Users will be able to check account transactions, payments as well as check their account balance via mobile banking application.
“Transactional or “push” mobile banking is being offered increasingly by banks via downloadable applications or the mobile web, complementing existing SMS messaging services for balance and simple information enquiries. Mobile banking is a key element in banks’ distribution channel strategies as they compete to attract and retain customers,” added by Mobile Banking report author Howard Wilcox.
Mobile banking is very popular as it saves time and transactions are done quickly. In faster developing markets this application would be a boon for people as banking can be done instantly from the handset. Currently most of the smartphones offers such services which makes life all the more comfortable.
Reports also state that mobile phone is one device that people will not leave home without carrying it, as cellphones have become a necessity device these days. It also mentions about various factors that would need further development like financial regulations that vary according to the country, application slickness and security.
More facilities like the mobile banking can certainly make life simple and better in terms of comfort. Learn more about mobile banking and be one amongst 150 million users to use the mobile banking service.