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Finance: Mobile Banking Is Not Optional Drew McLelland says that mobile banking is not optional "for financial institutions that want to be in business in 2020".
Read more stories like this: Taking financial services to Africa's poorest consumers Cashing in: why mobile banking is good for people and profit Is India's new financial inclusion strategy already outdated?
Even so, the on-the-go convenience of mobile banking is attracting users in the West.
I think the potential of mobile banking is huge, going forward".
For the big boys, the bet on mobile banking is paying off.
Mobile banking is well established in places like Kenya, and cellphones are ubiquitous worldwide, even in poorly developed regions.
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Digital wallets and mobile banking are opening the door for telcos and software players, while trust is the entry point for retailers and crowdfunding communities.
"Once I got into using the smart phone I found that mobile banking was convenient – I could be sitting in a field in the middle of nowhere and pay my bills.
By the end of 2011, mobile banking was supposed to be "everywhere" in Africa, tablets would signal the end of netbooks, most Africans would have a $50 smartphone, downloadable apps would kill the mobile internet and m-health (mobile health) would finally fulfil its promise.
Solutions for mobile banking are varied, ranging from the use of Wireless Transport Layer Security, Security Socket Layer, or application-layer based options.
Peer-to-peer banking and mobile banking are beginning to thrive.
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