According to a recent report by Celent, 35 percent of households in the U.S. will use mobile banking services by 2010, which is up from less than 1 percent today. Mobile banking will become more popular than online banking because it will enable distinct functionalities like allowing users to make payments at the physical point of sale. Celent says "mobile contactless payments" like these will make up 10 percent of the contactless market by 2010, too. The report indicates that Generation Y, consisting of 18- to 25-year-olds, are most likely to gravitate to mobile banking.
For more on mobile banking:
- see press release from Celent