Juniper Research is dealing with mobile finances in its latest report titled “Mobile Banking for Developed & Developing Markets,” forecasting dramatic increase in transactional mobile banking services usage, from 185 million in 2011 to over 550 million in 2016.
According to the research company, those users that do make bill payments are expected to continue conducting transactions actively and aggressively as they become more accustomed to usage. Moreover, as consumers engage in increasingly mobile lifestyles, approximately 80% of total mobile banking customers will pay their bills via a mobile device by 2016.
However, Juniper also warns that user security concerns, heightened by the rapid growth in spyware and malware, could act as a brake on adoption, particularly amongst older demographics.
Some other findings from the report include:
- Triple-play solutions (SMS, web and mobile app) experience the highest adoption rates.
- Transaction frequency will be higher in developing regions where users do not have many alternative options for bill payment, given the limited physical branch infrastructure.
- Increased usage of transactional services will provide impetus to integrating other elements of mobile commerce.
And you can get additional information from Juniper’s website.