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India Could Lead the Mobile Banking Charge

A recent Asia Pacific survey by Sybase 365 has found that 81% of Indian respondents are aware they can check bank balance on a mobile phone, while 49% have used the services in the last three months – the highest amongst the five countries surveyed in the region. The survey consisted of 1,818 interviews covering India, Singapore, Taiwan, China and Australia and was conducted in May 2007. It found an average awareness of mobile account balance checking and payments of 11%, and penetration of 8%. Of those that have used mobile banking services across the five countries, 50% are satisfied or highly satisfied with the service, and 12% are unsatisfied. Interestingly the survey found that security concerns a key barrier to mobile banking. The Internet is still perceived as a safer platform for carrying out financial transactions, with security concerns for mobile banking at 36% compared to 8% for Internet banking. Read the whole story. Also of interest mobile payments set to takeoff in developing world.

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