According to a recent report by Deloitte re-released by the Latin American Federation of Banks (Felaban), banking by mobile devices is predicted to grow up to 65% annually over the next two years. They also predict that by 2015, the total mobile banking platform will reach up to 140 million people on the continent. These are huge numbers, and if they’re correct, will help bolt Latin America to the forefront of mobile banking user adaption, and usage.

This isn’t the first study to make such a claim, with many believing that mobile money will have a major impact, transforming Latin America in the coming years. The region still has high numbers of both unbanked, and underbanked people, and access to mobile money devices has the potential to change how people in the region do business, especially in rural areas.  According to Guillermo Moreano, VP of Operations and Technology at the International Bank of Ecuador, this has “a great business potential for Latin American banks,” citing that traditional forms of banking, such as checks and large cash transactions will become a thing of the past.

Last year (2012) the penetration rate of mobile banking in the US was at 24.3%, with the age range of the likely user between 19-23. While this number puts them in the lead for now, it won’t be long until one of Latin America’s big mobile countries surpasses them. Brazil currently has the largest amount of mobile users on the continent at 200 million, followed closely by Mexico and Argentina, with 91 and 52 million respectively, according to Deloitte. With high cellular usage rates, and fast-growing smartphone adaption, converting mobile users into mobile bankers may happen sooner than later.