According to research carried out by Berg Insight, the worldwide number of people adopting mobile banking services has doubled between 2008 and 2009 and is expected to almost double again in 2010.
The report indicates that the Asia-Pacific region shows the most promising potential, since it is expected to become the most important regional m-banking market, accounting for more than half of the total user base. In Europe and North America, the technology will mainly serve as an extension of existing online banks services, as mobile handsets become more widely used for internet access. Mobile banking is also anticipated to bring its contribution in implementing financial services in the Middle East and Africa.
The same report has foreseen that between 3 and15 percent of the international money transfers currently handled by various formal or informal agent networks will be carried out using a mobile handset by 2015, generating between USD 1.2 billion and USD6.2 billion in service revenues.
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