by The global mobile banking market is experiencing unprecedented growth, driven by a confluence of factors including increasing consumer demand for flexible and convenient money management, the widespread use of smartphones, and the expansion of internet accessibility. The COVID-19 pandemic has further accelerated the adoption of mobile banking as consumers seek self-service and customization options for their financial needs.
Internet Penetration and Smartphone Adoption Fuel Growth
One of the primary catalysts for the mobile banking markets growth is the rising popularity of smartphones and the increasing availability of the internet. As of April 2022, there were 5 billion internet users globally, with 4.65 billion people actively using social media platforms. The proliferation of internet use is expected to continue, further driving the expansion of mobile banking services.
Explosive Growth in m-Commerce and e-Commerce
The expansion of m-commerce and e-commerce, particularly among the working population, is poised to have a significant impact on the global smartphone market. With approximately 5.32 billion mobile phone users worldwide and the continuous growth in smartphone sales, the demand for mobile banking services is expected to rise in tandem.
C2B Virtual Cards Dominate Market Segment
The customer-to-business (C2B) segment is projected to account for the largest revenue share in the forecast period. Consumers are increasingly using mobile banking for various financial transactions, including online and offline purchases, equated monthly instalments (EMI) payments, and other financial remittances. Mobile bankings convenience and speed are enhancing the self-service banking strategy, driving demand in this segment.
North America Leads, Asia Pacific Emerges as High-Potential Market
In terms of revenue, North America is expected to dominate the mobile banking market, with consumers preferring mobile channels over physical visits to banks. Meanwhile, Asia Pacific is poised to progress at the fastest rate, driven by robust regional economic growth, increasing digital banking adoption, and rapid smartphone and internet penetration.
Competitive Landscape
Market players are actively introducing new products and forging alliances to stay competitive. In April 2022, American Express announced an expanded partnership with i2c Inc. to offer innovative payment solutions worldwide. Bank of America also made headlines in April 2021 with its acquisition of Axia Technologies, Inc., strengthening its payment options for healthcare clients.
Key Market Players
Prominent players in the global mobile banking market include American Express Company, Bank of America Corporation, BNP Paribas, Citigroup Inc., Credit Agricole, HSBC Holdings plc, JPMorgan Chase & Co, Mitsubishi Ufj Financial Group, Inc., Societe Generale Group, and Wells Fargo & Company.
The global mobile banking market is poised for remarkable growth as consumers increasingly embrace digital financial services. The convergence of smartphones, internet access, and evolving customer preferences is reshaping the banking landscape, driving innovation, and convenience for users worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/mobile-banking-market
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This press release first seen on Brilad
COMTEX_442085737/2840/2023-10-18T16:49:22
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.