Rise in mobile banking predicted
Dubai, July 11, 2013
Experts predict that mobile banking in the Middle East and Africa will jump from 19.8 million users to 82.1 million users by 2017.
Over the last five years, the developing world has experienced substantial growth in the adoption of mobile technology.
Emerging markets offer not only new possibilities for traditional banking but major potential for transformative banking, said a statement from Gemalto, a leader in digital security.
Gemalto has come up with an innovative mobile payment guide, 2013 Gemalto Netsize Guide, aimed at providing insight for users, mobile operators, banks, credit card companies and merchants.
“Mobile billing revenues worldwide are expected to rise by $13 billion per year by 2017,” said Mohamed Anis Chemli, business director, telecommunication division at Gemalto Middle East.
“The popularity of the smartphone depicts the rise in mobile usage. This is why the guide explores the big picture of mobile security, identity, privacy, and social commerce, while focusing on mobile wallets, in-app micropayments and money transfer, operator billing and messaging, as well as Near Field Communication (NFC).”
Smartphone use and the accessibility of data connections have established mobile devices as being invaluable for consumer purchases, personal banking, merchant transactions, and peer-to-peer payments.
According to Juniper Research, 11.9 million mobile users in Middle East and Africa made transactions through mobile in 2012 and figures are expected to reach 71.9 million users by 2017.
Featured in the guide are interviews and opinion pieces by industry leaders from key mobile payment eco-system participants including Visa, Turkcell, and Marks & Spencer, said the statement. - TradeArabia News Service