On Thursday, Juniper Research put forward a bold projection. According to the research titans behind the report, one in ten smartphone owners will use their handset to pay bills by 2016.
And by 2016, ten percentage of the mobile population will amount to a whole lot of people.
The ‘Mobile Banking for Developed & Developing Markets’ report found that mobile phone banking is gaining considerable traction, thanks to the exploitation of advanced functionalities such as banks bundling MBPP (Mobile Bill Presentment and Payment) services within their overall mobile banking platform and additional momentum from easy-to-use smartphone apps.
“As consumers engage in increasingly mobile lifestyles,” the report estimates, “approximately 80% of total mobile banking customers will pay their bills via a mobile device by 2016.”
However, the report cautioned that user security concerns, heightened by the rapid growth in spyware and malware, would act as a brake on adoption, particularly amongst older demographics. It argued that this situation would continue unless and until consumers are convinced that mobile device security is of the same grade as online security, if not better.
The whitepaper containing these findings and more is available for download now from the Juniper website.