Teletimes Survey report – Are mobile payments about to go mainstream, replacing the traditional retail / consumer banking?

Mobile Banking is a growing phenomenon globally. Talking on a global scenario, almost 4 billion people are unbanked—with more than two-thirds of the un-banked population in the world’s low and middle-income countries. However, evidence from developing countries like Brazil, Philippines and Kenya strongly suggests that there is rapid popularity of using mobile banking as an alternate to traditional banking services. According to Juniper research, amount of mobile payment transaction is expected to reach 300 Billion USD by 2013.

We would like to share the results of our online survey carried out from 1 – 15 January 2012 focused on inviting opinion on mobile payments future. 55.56% of the respondents were of the view that mobile payments will be in main stream to replace traditional retail banking service by this year or next. 35.56% of the respondents were of the view that this will happen not happen until 2015 whereas 8.89% said that mobile payments would never replace traditional retail banking.

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