10% of mobile users to pay bills using mobile phones by 2016: Report


by CBR Staff Writer| 23 March 2012

Mobile life styles will see about 80% of total mobile banking customers paying their bills through a mobile device by 2016, says Juniper Research

With the growing user acceptance of 'push' mobile banking and an exponential increase in smartphone adoption will drive users of transactional mobile banking services up from 185 million in 2011 to over 550 million in 2016, according to Juniper Research's 'Mobile Banking for Developed & Developing Markets' report.

The report found that mobile phone banking is increasing in popularity, owing to the leverage of advanced functionalities such as banks bundling MBPP (Mobile Bill Presentment and Payment) services within their overall mobile banking platform and additional momentum from easy-to-use smartphone apps.

It also finds that users who do not make bill payments are expected to continue conducting transactions like before as they become used to it.

Mobile life styles will see about 80% of total mobile banking customers paying their bills through a mobile device by 2016.

Juniper's Research Director Windsor Holden said customers are becoming increasingly more confident in using basic informational mBanking services.

"The natural progression is to engage in transactional banking, as they demand tighter control over their finances within a turbulent economic environment and busier lifestyle which are at odds with a 9 to 5 branch-based service," added Holden.

The report, however, warns that security concerns, which have increased manifold due to spyware and malware, will make elderly people wary of mobile transactions.

The report also found that triple-play solutions (i.e. SMS, Web browser, and app) experience the highest adoption rates; transaction frequency will be higher in developing regions where users have fewer alternative options for bill payment, given the limited physical branch presence; and increased usage of transactional services will boost other facets of mobile commerce.

Post a comment

Comments may be moderated for spam, obscenities or defamation.
Privcy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.