Mobile Payments

Banks like mobile apps: costs are 2x higher for desktop transactions and 8x higher at ATMs

  • Mobile banking accounts for 8% of transactions, compared to over half for online banking
  • Consumers are switching to banks with mobile apps but 41% are still uneasy about security
  • Mobile wallets have yet to take off but retailers are launching multiple platforms
  • Globally, Asia is becoming the largest mobile banking market followed by Africa
  • Smartphones will outnumber bank accounts by 2017 … they already outnumber credit cards
  • Online sites scramble to block the Heartbleed security breachImage
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