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Cambridge, Massachusetts - May 11, 2011 - Pyramid Research estimates that the number of mobile banking users in Latin America will grow 65 percent between 2010 and 2015, from around 18 million users to over 140 million users, according to a new report from Pyramid Research (www.pyr.com).
Operators Take Mobile Banking to the Masses, with 65% Annual Growth Expected until 2015 explains Pyramid’s beliefs that Latin America has achieved the right conditions to smoothly increase the uptake of mobile financial services, including banking and payments. Pyramid expects that leading mobile operators, including Claro and Movistar, will develop commercial offerings over the next few months in order to participate in an emerging market where mobile operators have substantial upside. Pyramid estimates that around 18 million users in Latin America use financial services from their mobile devices and that this number may rise to more than 140 million by 2015.
Download an excerpt of this report here.
Purchase the report here.
Pyramid Research believes that Latin America has achieved the right conditions to smoothly increase the uptake of mobile financial services, including banking and payments. Banking penetration is low in Latin America, but by 2015 85 percent of the total population will be an active user of a mobile device, making those devices a clear entry point for adjacent services, such as payments, banking and remittances. “Technological advances are making the fulfillment of the promise of a broad mobile banking and payment service a real possibility,” says Jose Magana, Senior Analyst at Pyramid. “Also, all larger markets in Latin America have more than 35 percent of their population under the age of 24, making this the perfect time for operators to focus on mobile banking services,” he adds.
“Mobile operators will benefit from mobile banking in multiple ways - from more airtime purchases, more billable network traffic, such as data and SMS, and an increase in customer loyalty, thus improving the churn rate,” indicates Magana. “They can help the system to be faster providing back-end services through their network, handling large amounts of data smoothly and bringing to their network handsets that are payment friendly by partnering with payment vendors, such as Visa or MasterCard,” Magana adds.
Latin American operators can help the system to gain traction by leveraging its network of users and resellers to push for the service. “Operators can also make the process cheaper by cutting paperwork and economic inefficiencies,” notes Magana.
Operators Take Mobile Banking to the Masses, with 65% Annual Growth Expected until 2015 is part of Pyramid Research's Telecom Insider Report Series and is priced at $595. Download the excerpt here. It can be purchased online here.
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About Pyramid Research
Pyramid Research (www.pyr.com) offers practical solutions to the complex demands our clients face in the telecommunications, media and technology industries. Our analysis is uniquely positioned at the intersection of emerging markets, emerging technologies and emerging business models, powered by the bottom-up methodology of our market forecasts for over 100 countries - a distinction that has remained unmatched for more than 25 years. As the telecom research arm of the Light Reading Communications Network, Pyramid Research works with Heavy Reading, providing the communications industry's most comprehensive market data, trusted research and insightful technology analysis.
About Light Reading (www.lightreading.com)
Founded in 2000, the Light Reading Communications Network is the world's leading research-led integrated media company serving the global communications market. Lightreading.com is the ultimate source for technological and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading's research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, and TelcoTV Asia, Ethernet Expo New York and Ethernet Europe, and The Tower Summit @ CTIA, as well as focused one-day events tailored for cable, mobile, and wireline executives in the US, Europe, India, and China. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of TechWeb.
About UBM TechWeb
UBM TechWeb (http://www.ubmtechweb.com/), the global leader in technology media and business information, enables people and organizations to harness the transformative power of technology. Through its core businesses - media solutions, marketing services, and professional information - UBM TechWeb produces the most respected and consumed brands, applications, and services in the technology market. More than 14.5 million business and technology professionals (CIOs, IT and IT Support managers, Web and digital professionals, software and game developers, government decision makers, telecom providers and business executives) actively participate in UBM TechWeb’s communities. UBM TechWeb brands include: global face-to-face events such as Interop, Game Developers Conference (GDC), Web 2.0, Black Hat, and VoiceCon; large-scale online networks such as InformationWeek, Light Reading, and Gamasutra; research, training, and certification services, including HDI, Pyramid Research, and InformationWeek Analytics; and market-leading magazines such as InformationWeek and Wall Street & Technology. UBM TechWeb is part of UBM, a global provider of media and information services for professional B2B communities and markets.
Press Contact:
Jennifer Baker
Pyramid Research
+1 617-871-1910
jbaker@pyr.com
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