Mobile banking market size to reach USD 3.47 billion, with an 15.4% CAGR by 2030

The Mobile banking market size 3.47 Billion Expected to CAGR 15.4% during the period from 2020-2030. Mobile Banking industry is a service provided by a bank or other financial institutions and allows users to conduct financial transactions remotely using a mobile device. The devices such as smartphones or tablets are used for mobile banking, primarily for transferring money from one account to another and depositing a check by taking a picture. These are prominently provided features for mobile banking in the market. Moreover, it typically operates across applications developed for iPhone, Android, or other device platforms. Moreover, mobile banking is conducted with the availability of an internet or data connection to the mobile device. Depending on the feature provided in applications, the products and services included in mobile banking provide account balances and lists of the latest transactions, remote check deposits, funds transferred between beneficiary accounts, electronic bill payments, peer-to-peer payments, and others. The main concept of mobile banking is to offer online services that will offer dynamic banking services. Covid 19 is impacting the market segments and market share, and it is a way of life across the world. People are now acquiring online banking due to the shutdown and other issues.

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Key Vendors - Dais Software Company (Bulgaria), Strands Inc. (U.S.), Ebanq B.V (Netherlands), Nymbus Inc. (U.S.), Apex Software Ltd. (Kenya), Temenos Group AG (Switzerland), Neptune Software PLC (U.K.), Fisa System (U.S.), Capital Banking Solutions (U.S.).

Market segmentation

The Mobile Banking Market is segmented into solution, Technology and deployment. Based on the Solution, the market is categorized into Customer Management, Mobile Banking Features, and Mobile Payment Features. The mobile payment features will dominate the market due to the use of the several UPI payment option and due to the pandemic as well as people prefer cashless payments. By Technology, the Mobile Banking Market is bifurcated into Wireless Application protocols, Standalone Mobile applications. Among them, the standalone segments will have a high market share as mobile banking has become the most secure and hassle-free process, increasing the market in the future. The Deployment variables are On-Cloud and On-Premise. Both segments are increasing the market value, but the on-cloud is expected to hold more than the on-premise as it is helpful for the storage of the data without having security concerns.

Regional analysis

The Mobile Banking Market is studied in the regions such as Asia Pacific, North America, Europe and Latin America and the middle east and Africa. North America and Europe register the highest share of the market in 2018 and are expected to hold the same share in the forecast period. Due to the increase of new-age FinTech technologies, banks are upgrading their mobile banking applications to provide better-customized product offerings, enhanced customer experience, and convenience for their users. Asia-Pacific will dominate the market during the forecast period due to the increased use of digital banking platforms and robust economic growth. Other regions also have a good growth due to the enhancement of the market, and the market will experience growth shortly.

Industry news

TRAI dismisses the USSD fee on mobile banking. The regulator body said it is a bid to boost digital financial inclusion and protect the interests of ordinary feature phone users.

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