One of the most promising technological tools in the developing world is the mobile phone. Although there is still a significant difference in levels of mobile phone access and mobile phone usage, banking and money transfer has emerged as an area in which mobile phone technology can be useful and effective. This article gives a brief overview of the extent to which mobile banking has become a widely used technology. While in Eurpoe and North America, online banking is the norm, mobile banking is gaining more and more users in Asia, Africa, the Middle East and Latin America, where people do not have as easy access to computers. While we generally talk about developing countries benefitting from The Leapfrog Effect, it seems like in this case, developing countries have leaped right over online banking and found a solution more fitting to their needs. According to a Swedish industry research firm, mobile banking is expected to reach 894 million users by 2015. That would be a sixteenfold increase from 55 million users in 2009. Many companies in the developing world are looking to be the first to invest in mobile banking technology, and this field could perhaps become a booming global industry.
26 October 2012
Mobile Banking: A Brief Overview
This entry was posted on Friday, October 26th, 2012 at 8:02 pm and tagged with Africa, Asia, developing countries, e-banking, ICT4business, ICT4D, latin america, leapfrogging, Middle East, mobile banking, mobiles, users and posted in Business & Economy, Technology Tools. You can follow any responses to this entry through the RSS 2.0 feed.
2 responses to “Mobile Banking: A Brief Overview”
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