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BizReport : Trends & Ideas archives : October 14, 2015

Juniper Research: 1 billion global mobile banking users by end of 2015

By the end of this year, the number of mobile banking users across the globe will exceed 1 billion, according to new figures released by Juniper Research, while Adyen reveals nearly half of online payments in the U.K. are via mobile.

by Helen Leggatt

Growth in mobile banking adoption has led Juniper Research to revise its previous forecast of 1 billion users by the second half of 2016, instead forecasting that that figure will be reached by the end of this year.

The new forecast also sees the global user base by 2020 double to 2 billion, or 37% of the global adult population.

The report, 'Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020', acknowledges that while most consumers in developed markets prefer digital banking and virtual channels, a significant proportion continue to favor face-to-face transactions in-branch compared to audio or video communication with a contact center.

Juniper estimates that around 19% of global household bills will be paid via PC, tablet and mobile devices this year and that global online banking users, as a proportion of banked individuals, is forecast to exceed 50% next year.

Bank of America currently has more than 17 million active users of mobile banking, growing at a rate of 5,000 users per day. During the first quarter of this year alone, their mobile banking customers logged in more than 625 million times - almost 40 times per user. More than 200,000 checks were deposited via mobile check deposit every day and users logged in 78,000 times to arrange appointments with a personal banker or banking specialist.

Figures just released by global mobile payments provider Adyen reveal that mobile payments in the UK now account for nearly half (46.9%) of all online payments and 40% of PayPal transactions are mobile.

Image via Shutterstock

Tags: banking, mobile, trends

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