Tag Archives: Mobile Banking

Mobile Banking Predicted to Grow 65% Annually in Latin America

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.

TIM and BMG Partnership for Mobile Banking in Brazil

Brazilian based mobile operator TIM Brasil and bank BMG have partnered to launch a mobile service for customers using BMG bank and credit cards. The SIM card will support access to banking services such as credit applications and balance inquiries and provide bonuses for using mobile services.

The service will work with any kind of mobile phone, not just smartphones. The service will be offered for customers of the TIM prepaid plans Infinity Pre and Cost Control. The goal is to distribute 20,000 cards during the first quarter.

The Rise in Mobile Banking

According to a recent report by Juniper Research, over a billion mobile phone users will have made use of their mobile devices for banking purposes by the end of 2017, compared to just over 590 million this year. Whilst the forecast of 1 billion users by 2017 represents over 15% of the mobile subscriber base, it should be acknowledged that around half of all mobile subscribers remain unbanked, with limited access to traditional financial services.

Mobile banking in Brazil expected to soare by 110% in 2011

Global use of mobile finance surged in the past year as the spread of new  technology and mobile banking infrastructure drove a huge increase in take-up  rates around the world, according to new research from TNS.

Read the rest of this article Mobile Banking Surges As Emerging Markets Embrace Mobile Finance or Latin American Operators Take Mobile Banking to the Masses at Cellular-News.com