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Mobile Banking Market is expected to grow with a CAGR 11.9% from 2022 to 2028

As stated in our extensive report; providing insights on Type, Service, Platform, Deployment Type, End User, and Region, the Global Mobile Banking Market accounted for USD 692.5 Million in the year 2021.

Mobile Banking is a service provided by a bank or other financial institutions, allowing users to conduct financial transactions remotely using a mobile device such as smartphones or tablets Mobile Banking services are provided over SMS, wireless application portal (WAP), and Unstructured Supplementary Service Data (USSD).

The Mobile Banking features served by an application may vary from providing services like account balance, and last transactions details, an online payment among accounts, individuals, and banks, electronic bill payments, remote check deposits, and others.

This market first emerged in 2013 but it gained a dramatic growth in 2019. The Global Mobile Banking Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.9% from 2022 to 2028. The reason is the impact of the COVID-19 pandemic which made people opt for online payment options over cash to get a contactless exchange of money and avoid visiting bank branches and ATMs.

Since this market is trending currently many new initiatives and challenges have emerged to support and increase customer satisfaction and expectation. The major driver of the market is the availability of internet or data connections to mobile devices. Due to the increase in the number of smartphone users globally, Mobile Banking customers have also increased significantly. Also due to technological advancement, the basic banking methods have changed, and this has greatly helped the Mobile Banking service providers an edge to target their customers and promote and map their facilities and study the customer's financial status carefully. Thus, it has positively affected the market’s growth.

There are two major challenges faced by the market. One customer perspective is there is a risk of viruses and malware attacks, that it may access the personal information of the customers. Other is the technological barrier faced by the Mobile Banking service providers as most of the time either the technology are not available to the customer or if available, they are unaware of its process of application.

Some of the key players in the Global Mobile Banking Market are American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Crédit Agricole Group, HSBC Holdings PLC, JPMorgan Chase & Co., Mitsubishi UFJ Financial Group Inc., Société Générale S.A., Wells Fargo & Company, Temenos Group AG, Capital Banking Solutions, Ally Financial Inc., Infosys Limited, Strands Inc. and others.