Developing countries will fill up mobile banking customer base

[img_assist|nid=8282|title=|desc=|link=none|align=left|width=100|height=61] A study held by the Juniper Research showed that by the end of 2011 over 41.5 billion financial transactions will be carried out by mobile phone as more consumers in developing countries who do not have bank accounts or credit cards adopt the technology to access banking services.

By 2011 financial transactions via cellphones are predicted to amount 612 million which is expected to bring $518 billion. Overall banking transactions with handsets on a yearly basis are to increase from 2.7 billion in 2007 to 37 billion by 2011.
Special popularity will belong to the remittance market however problems connected to the legislative measures directed to fight against money laundering add to the cost of the service.

The largest prevalence of mobile banking will be observed in the Far East and China. In those areas 250 million handset carriers are predicted to make financial transactions by 2011.

As for developed countries the popularity of mobile phone transactions will grow among teenagers as they cannot access regular financial services.