M-banking users in Latin America seen reaching 140mn by 2015

Tuesday, December 6, 2011

A total of 140mn people in Latin America are forecast to access mobile banking services by 2015, compared to 18mn this year, according to a study by US consultancy Pyramid Research.

"Mobile data services are soaring now in some countries, with penetration of mobile internet close to 16% of the population," said Pyramid senior analyst José Magana. "There is a very large percentage of the population that is younger than 30 - the type of demographic that's more likely to try new services."

As such, mobile operators ought to be open to attract new business models.

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"Technology is the enabler, but they might also need to adopt business models and form partnerships," Magana said. "Also, they need to understand that for a mobile payments service, attracting merchants is as important as attracting users; they need to be open to developers and work closely with them to enhance the value of the devices sold through their networks."