Mobile Banking Will Surpass 140m Users in Latin America by 2015

CAMBRIDGE, Mass., Dec. 5, 2011 /PRNewswire/ -- Pyramid Research estimates that around 18m users in Latin America use financial services from their mobile devices and that this number may rise to more than 140m by 2015, according to Jose Magana, Senior Analyst at Pyramid Research (www.pyr.com) who discussed trends in mobile banking in a live webinar produced by TeleSemana (www.telesemana.com) recently. 

During this live webinar for Latin American service providers, Magana discusses how Latin America has achieved the right conditions to smoothly increase the uptake of mobile financial services, including banking and payments.  "Mobile data services are soaring now with some countries with penetration of mobile Internet close to 16% of the population," says Magana. "There is a very large percentage of the population that is younger than 30 years old: the type of demographic that is more likely to try new services."

Magana encourages operators to have an open mind with business models. "Technology is the enabler, but they might also need to adopt business models and form partnerships," explains Magana. "Also, 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."

The webinar is a result of Pyramid's partnership with TeleSemana to help both companies better serve the Latin American telecom industry, and is based on Pyramid's Telecom Insider Report: Operators Take Mobile Banking to the Masses, with 65% Annual Growth Expected until 2015.

Register to view a replay of the webinar at no charge:  http://www.telesemana.com/blog/2011/10/24/identificando-las-oportunidades-de-la-banca-movil-para-los-operadores-moviles-latinoamericanos/

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SOURCE Pyramid Research