Mobile Finance

Mobile Financial Service (MFS) transactions are expected to hit 41.5 billion by the end of 2011, thanks to the high speed adoption of mobile finance facilities by consumers, according to a report.Key drivers are those currently without any access to any form of banking and bespoke payment applications for remittance purposes, according to Juniper Research. The latter, however, still has legislative issues to overcome.

The new study reports that the desire from all sections of the MFS (Mobile Financial Services) ecosystem to deliver intelligent applications and services has created an atmosphere that is both creative and pragmatic. It also found that there is a strong desire from the MFS sector for cooperation in order to create non silo services that work together.

Mobile banking is a multi-channel affair, whether we like it or not. Bank of America has announced a million users because they have executed aggressively within one channel (browser), while Wells Fargo has a play in both Browser and SMS/Text with a pilot underway in the third (downloadable apps), to pave the way for broad future growth