Mobile Banking Forecasted To Generate Up To 62 Billion Transactions in 2012: Report

Mobile banking is expected to be a big business in 2012 based on experiments and trials that wireless operators and members of the financial community are conducting today, according to a report released by IMS Research. The report estimates that 884 million users will conduct 62 billion mobile banking transactions in 2012. The report said a majority of the growth will come in developing countries, where mobile will be more available than typical banking infrastructure. In developed countries, mobile banking will serve as an alternative and personalized means of access.

The report outlined a number of wireless operators that are already offering some sort of service. For instance, Orascom Telecom, an Egyptian wireless operator, is planning to offer a banking service, including money transfers, to its 70 million customers this year. Other operators that offer a mobile financial service include: NTT DoCoMo (NYSE: DCM), KTF, Vodafone (NYSE: VOD), Globe, Smart, TIM, AT&T (NYSE: T) and Sprint (NYSE: S). When broken down geographically, the report found that growth is particularly strong in Asia, the Middle East and Africa, but when added to the growth seen in Europe and the Americas, the number of new mobile banking users nearly tripled in 2007.

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