In yet another sign that everyday needs are straying from desktop and moving toward mobile, the latest report from Juniper Research shows that there will be a massive increase in mobile banking via tablets by 2017. In fact, one in four tablet users are predicted to pay their bills via these devices.
Juniper predicts that nearly 200 million tablet users will be using their devices for online banking in four years. This number will represent approximately 19 percent of total mobile banking customers in 2017, compared to the 9 percent of users that are currently using their tablets for managing their finances. Adoption of bill payment via tablets is even expected to outweigh mobile banking transactions through smartphones, the report finds.
“With online payments accounting for a significant proportion of all bill payments, especially in developed markets, BPP (Bill Presentment and Payment) transactions will indeed migrate from the desktop toward tablet devices,” author of the report Nitin Bhas wrote. “Consumers often prefer managing bill payment and transactions via tablet devices compared to smartphones.”
By 2017, mobile banking users are expected to exceed 1 billion, representing 15 percent of mobile users worldwide. Developed markets in the Far East, China, North America and Western Europe will see the most growth in terms of mobile banking by this time, according to Juniper.
As consumers turn to mobile devices to take care of their banking needs, banks are beginning to adapt. Just last week, U.S. Bank introduced its new Mobile Photo BillPay feature, which allows users to take a photo of a bill or invoice and upload it to their account from within the app.
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