Mobile Banking Market

Mobile Banking Market by Transactions (Consumer-to-consumer and Consumer-to-business), Platforms (Android, iOS, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: BFSI-543
  • Author: Growth Market Reports
  • Rating: 4.9
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  • No. Of Pages: 171
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The global mobile banking market is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing adoption of mobile banking service owing to the user-friendly interface and convenience.

Mobile banking is a service offered by bank or financial institutions to provide financial transactions remotely with the help of mobile devices such as smartphone and tablet. It provides software application to offer mobile banking service. The participants of mobile banking system include telecom operators, financial institutions, money transfer agents and regulators, platform providers of mobile money, and payment processors.

Mobile Banking Market Key Takeaways

The banking service assists in easy recording and analysis of financial transactions made by consumers or users. However, such banking service has to completely rely on the availability of the Internet on the mobile device. In general, users have to download the banking application on their devices and submit their banking details using the application. Using the app on devices, customers can easily access to several services such as transfer funds to different third-party accounts, obtain information about the account transaction history at the instant, and check account balance.

Mobile banking eliminates the cost of handling transactions, reducing the requirement for customers to visit a bank for non-cash withdrawal and deposit transactions. Mobile banking does not handle transactions that involves cash. Several apps now provide remote deposit option, in which a customer can deposit the check to their financial institution in digital form by using device camera. Some apps also allow copies of statements to get downloaded on the mobile device. A mobile banking app improves the flexibility, speed, ease of use, and security of financial transaction, as it integrates with the user in-built mobile device security mechanisms.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing adoption of smartphone devices for accessing banking is projected to fuel the market growth during the forecast period.
  • Ongoing technological developments in the banking industry to provide personalized customer service can boost the growth of market.
  • Lack of appropriate connectivity and unavailability of robust network infrastructure in developing countries present major challenges that can restrain the market growth.
  • Mobile applications are offering streamlined customer experience while reducing the chance of financial fraud by integrating advanced technology. This is expected to fuel the market expansion.
  • Wide adoption of technology such as chatbots, wireless application protocol, and block chain to increase the efficiency of financial transaction process or services are anticipated to create lucrative opportunities for the market expansion during the forecast period.

Scope of the Report

The report on the global mobile banking market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Mobile Banking Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Transactions (Consumer-to-consumer and Consumer-to-business) and Platforms (Android, iOS, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Don River, Sybase, Union M-Banking, Vesta, Visa, eSery Global Ltd., Google, Harris Online, LUUP, Arvest, Comviva, C-SAM, Monitise, Obopay, SunTrust, Aepona, Absa, and PayPal.


Global Mobile Banking Market Segment Insights

Consumer-to-business segment is expected to account for a large share
Based on transactions, the global mobile banking market is bifurcated into consumer-to-consumer and consumer-to-business. The consumer-to-business segment is expected to account for a large share of the market in the coming years owing to the rising awareness of the banking service among consumers and rising preference for easy payment services. Moreover, the increasing use of online payment methods due to rapid establishment of e-commerce platforms as well as digital transformation of various financial services present major factors boosting the segment growth.

Mobile Banking Market By Transactions

Android segment is projected to exhibit a robust CAGR
Based on platforms, the market is divided into Android, iOS, and others. The Android segment is projected to exhibit a robust CAGR during the forecast period owing to the rising number of Android-based smartphones. Availability of low-cost phone and existing wide number of smartphone manufacturing companies in this platform are major drivers that help boost the segment growth. However, the iOS segment is expected to constitute a major market share in the coming years due to increasing use of iPhone and rapid introduction of new technology in the variant.

Asia Pacific is anticipated to hold a major share
In terms of regions, the global mobile banking market is categorized into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to hold a major share during the forecast period owing to rising establishment of manufacturing units in the region and favorable regulations from government bodies pertaining to the manufacturing consumer electronic items. On the other hand, the market in Middle East & Africa is anticipated to expand at a significant rate owing to rising demand for the mobile service due to lack of proper or full-fledged banking services in the region. Presence of under-served or under-banked population in the region acts another key driving factor for the regional market expansion.

Mobile Banking Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Mobile Banking Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Mobile Banking Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Mobile Banking Market - Supply Chain
  4.5. Global Mobile Banking Market Forecast
     4.5.1. Mobile Banking Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Mobile Banking Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Mobile Banking Market Absolute $ Opportunity
5. Global Mobile Banking Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Mobile Banking Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Mobile Banking Demand Share Forecast, 2019-2026
6. North America Mobile Banking Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Mobile Banking Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Mobile Banking Demand Share Forecast, 2019-2026
7. Latin America Mobile Banking Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Mobile Banking Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Mobile Banking Demand Share Forecast, 2019-2026
8. Europe Mobile Banking Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Mobile Banking Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Mobile Banking Demand Share Forecast, 2019-2026
9. Asia Pacific Mobile Banking Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Mobile Banking Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Mobile Banking Demand Share Forecast, 2019-2026
10. Middle East & Africa Mobile Banking Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Mobile Banking Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Mobile Banking Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Mobile Banking Market: Market Share Analysis
  11.2. Mobile Banking Distributors and Customers
  11.3. Mobile Banking Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Don River
     11.4.2. Sybase
     11.4.3. Union M-Banking
     11.4.4. Vesta
     11.4.5. Visa
     11.4.6. eSery Global Ltd
     11.4.7. Google
     11.4.8. Harris Online
     11.4.9. LUUP
     11.4.10. Arvest
     11.4.11. Comviva
Segments Covered in the Report
The global mobile banking market has been segmented based on

Transactions
  • Consumer-to-consumer
  • Consumer-to-business
Platforms
  • Android
  • iOS
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Don River
  • Sybase
  • Union M-Banking
  • Vesta
  • Visa
  • eSery Global Ltd
  • Google
  • Harris Online
  • LUUP
  • Arvest
  • Comviva
  • C-SAM
  • Monitise
  • Obopay
  • SunTrust
  • Aepona
  • Absa
  • TCF
  • PayPal

Some of the key players competing in the global mobile banking include Don River, Sybase, Union M-Banking, Vesta, Visa, eSery Global Ltd., Google, Harris Online, LUUP, Arvest, Comviva, C-SAM, Monitise, Obopay, SunTrust, Aepona, Absa, TCF, and PayPal.

These leading market players are using strategies including mergers, acquisition, partnerships, new launches, collaborations, and product development to build their strong position in the market. The R&D and innovation are the key strategies widely adopted by several major players to enhance their market share.

In November 2020, Western Union Company announced that it has entered into an agreement to own a minority stake in the Saudi Digital Payments Company or STC pay, a fully owned subsidiary of Saudi Telecom Company. As per the terms of transaction, the former company was expected to spend USD 200 million to acquire 15% of ownership in STC pay. Additionally, both the companies extended the terms of their commercial relationship.

In December 2020, Absa launched its mobile banking platform called, ‘Spot Money’. The platform provided various financial services enabling easy transaction with different bank and payment services. As per the company, Spot Money allowed facilities such as money transfers, loans, and insurance.

 Mobile Banking Market By Key Players

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