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Mobile Banking Transactions to explode by 2011

Juniper Reseach has published a new set of researches which point out to a massive growth in the number of mobile banking transactions, hoping that it will grow from 2.7 billion to 37 billion by 2011 while the number of people using it will increase tenfold.

According to the research company, by 2011, there will be more than 800 million consumers using their mobile phone to pay for services, access their bank accounts and conduct transactions, all from their mobile phones.

China and the far east are pegged to be the biggest market for mobile banking and already South Korea and Japan users have been early adopters.

Juniper however reckons that there are still a number of obstacles that need to be solved first; security for example is still a major deterrent as is payment transaction costs and financial regulations.

The rise of smartphones and always-on wireless connectivity will make it easier for customers to connect to banking services while on the move.

A separate Harris Interactive US study showed that more than half of Americans do not want to use their mobiles for financial transactions.

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website building and web hosting when DHTML and frames were en vogue and started writing about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium. Following an eight-year stint at ITProPortal.com where he discovered the joys of global tech-fests, Désiré now heads up TechRadar Pro. Previously he was a freelance technology journalist at Incisive Media, Breakthrough Publishing and Vnunet, and Business Magazine. He also launched and hosted the first Tech Radio Show on Radio Plus.