Mobile banking is a valuable tool that allows users to undertake banking transactions according to their own convenience. Mobile banking is when a customer deals in banking transactions via a mobile phone. Here banks send the customers texts on their mobile phones, which gives them information about their accounts. Banks also have their own apps through which customers can check accounts, transfer money, pay bills or carry out any other kind of transaction. In the past few years, customers have been more comfortable with using mobile phones in their daily transactions. Banks, on the other hand, are giving much emphasis to this new form of technology as the scope here is immense. All across the world the usage of mobile phones and the mobile internet is increasing. It has been estimated that more than 60 percent of the people in sub-Saharan Africa have access to a mobile phone. With mobile penetration increasing, mobile banking has become the preferred tool for both banks and customers.
As of 2012, South Korea tops the list of countries by mobile banking usage. In South Korea, the penetration stood at 47 percent. China stood at the second spot with 42 percent, while Hong Kong occupied the third spot with 41 percent. Singapore at the fourth place reported a penetration of 38 percent. Closely behind Singapore is India with a penetration of 37 percent. Other countries on the list are Spain, the United States, Mexico, and Australia. Both France and the United Kingdom share the 10th spot with a penetration of 26 percent.
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Next Update : August 30, 2017