Mobile Banking Updates - Mar 28

Banks target Mobile Banking for their next round of Fees
"The reason people use their smartphone to access mobile banking on a regular basis is simple – convenience. Who wouldn’t love the ability to complete banking tasks from anywhere? Financial institutions see it as a way to cut costs, grow customer relationships, and now possibly introduce new fees. Though still in its infancy, banks have already played with the idea of applying fees to mobile banking. The first feature on their list, mobile deposits. A feature that allows users to snap a photo of a check and remotely deposit the amount into their accounts. Once verified, the user has the option to dispose of the physical check"

American banks need mobile to attract Gen Y - Javelin
"With Gen Y (12-32 year olds) set to earn more than any other generation within 10 years, banks need to tap technology to attract them, offering services such as mobile, personal finance management and person-to-person payments, says Javelin. About 28% of Gen Y consumers have used mobile banking in the past 90 days, compared with 18% of all people. Not only do they use it, young people switch banks for it, use it frequently, and value it."

PayPal mobile transactions exceed $6M per day: CTIA keynote
"A PayPal executive said that mobile payments are growing exponentially and provided his own company’s figures as proof during the keynote at International CTIA Wireless 2011′s Money Over Mobile pre-conference program. PayPal’s mobile payment transaction volume has grown from $24 million in 2008 to $140 million in 2009 to $750 million last year. It is projected to top $2 billion this year and is expected to reach $7.5 billion in 2013."

Swiping Is the Easy Part
"The cellphone has been more than a cellphone for years, but soon it could take on an entirely new role — standing in for all of the credit and debit cards crammed into wallets. There’s just one hitch: While the technology is already being installed in millions of phones — and is used overseas — wide adoption of the so-called mobile wallets is being slowed by a major behind-the-scenes battle among corporate giants."