Creditnet News Story
Mobile banking growing in popularity
Tuesday, August 24, 2010
By Linda McCarthy
As technology improves, the way people keep an eye on their bank accounts and credit card debt is changing rapidly.
According to a new report from Seeking Alpha, a consumer news website, one of the most popular features for many consumers with smartphones are applications and mobile websites that allow them to manage their accounts, both for banking and credit cards. The industry is expected to grow quickly in the near future, as well, because banks are now identifying it as an emerging money-maker.
Citing statistics from the Mobile Marketing Association, the report said that the number of consumers who use mobile banking is expected to grow to about 30 million in the next five years, compared to roughly 65 million who bank online. Currently, only about 1,000 of the 30,000 independent financial institutions offer mobile banking to their customers.
A number of financial institutions and mobile phone companies are now testing systems that will allow consumers to use their smartphone in lieu of credit card payments at businesses, thereby making their handset into a kind of "digital wallet."
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